Better/Worse Type of Foreclosure ???

[zoezoe]

What is the name of your state? NJ

Well i have been trying my best not to fall behind, but i am starting to lose that fight....i have now fallen behind on my quarterly taxes (i pay town direct) and still holding on paying my mortgage in full...

my question is, is there a better or worse way to have house foreclosed (if it comes to that)....i have never missed a mortagage payment in 7 years and would hate to start missing them now, but i just CANT swing paying both the taxes and mortgage at the present time.....i hope this doesnt get to a foreclosure and i am able to catch up in near future but i already see the writing on the wall and the town cant wait to start nailing me with a 18% interest late fee, so i never get caught up....so trying my best to understand my situation and how to protect myself the best, does it matter which one , taxes or mortgage, i go delinquent on ....if i dont pay taxes will they just put a lien on property or do they foreclose or if i stop paying mortgae and pay taxes would that be a wiser decision

thanks for your time and answers

[LindaP777]

Contact the mortgage company and the tax department now and work out some sort of payments. If you know you will never be able to pay it back, then still work with them while you sell the house.
AVOID both foreclosures at all costs!

[zoezoe]

of course i am hoping to avoid foreclosure but its easier said then done, but i wonder why you say to AVOID AT ALL COST ??????
I HAVE ALREADY REACHED OUT TO MORTGAGE COMPANY ASKING FOR A 3 MONTH FEEZE, and of course they refused, the sellers market here , has been abysmal and it could take 9 months or longer to finally sell, so yes i will try and and keep the ship from sinking as i dont want to have a foreclose HOWEVER reality is what it is, and the reason for my question is i may have to make a decision each month/quarter of who to fall behind on, the mortgage/bank or the taxes/town and which one would be the lesser of the bad situation of a possible foreclosure down the road or for lack of a better question , who is better to have late payments with to avoid/delay a foreclosure, the taxes or the mortgage ?????

[seniorjudge]

If I had to make a choice between paying the taxes or the mortgage, I would pay the mortgage since it takes the government longer to sell your land.

[REB]

Contact your lender and agree on a price then try to sell the property via a short sale.