2.  Borrowing from Family and Friends  Using Credit Cards for Basic Living Expenses  Using your Savings to pay Bills

3.  Banks Prefer Short Sales Over Foreclosures  Your Credit is Better with a Short Sale than a Foreclosure or Deed In Lieu  You May Get Relocation Expenses from Your Bank  You Can’t Make it Anymore. Not Enough Income to Pay All Your Expenses.

4.  You have to pay Fed and State Taxes on the Forgiven Amount.  The Bank will come after You for the Balance  Foreclosure is the same as a Short Sale

5.  Divorce  Lost a job  Reduced income; Hours reduced  Expenses have increased  Mortgage has adjusted upward  Turned down for a Loan Modification  Transferred and can’t afford two homes