Homeowners are starting to think that keeping their homes is a mistake. In my stomping grounds of Hernando County Florida every homeowner has seen their property value plummet 25 percent or more in the past twelve months. Many experts say that the home re-sale market hasn't bottomed out yet. Some analysts believe that we’re only halfway there.

Maybe you’ve been thinking: Why not sell out now and rent until the market bottoms out? If you owe more on the loan(s) than your home will bring after all closing costs, perhaps you are thinking why throw good money after bad?

I attempt to advise homeowners to think of the reason they purchased their home a few years back: for the quality of the schools, the safe and beautiful neighborhoods, the convenient commute to work, and so on.

As the mortgagee, you have to make a strong case that you can no longer afford to stay in this house if that is your situation. If you can afford to make the payments but can't see why making monthly payments on a house that's worth much less than what you owe on it, the bank is going to nix your offer of a short sale or deed in lieu of foreclosure.

I believe homeowners should do everything possible to keep their homes and real estate agents should help. Keeping our customers in their houses is not only the best option, but it's good for the industry that pays our livelihood – it creates stability in our neighborhoods and the local. But if you are a homeowner finding yourself fighting a losing battle, it’s time to contact a real estate attorney for advice.