As we all know, in todays economy many people are faced with tough decisions because they are unable to make their mortgage payments. What is the best route to take if you find yourself in this situation? Which has higher repercussions, a short sale or a foreclosure? What exactly is a short sale? Is loan modification an option? There are some valuable and free resources available to help in determining the best course of action for each individuals situation. If you live in the state of Colorado start by contacting the Colorado Foreclosure Hotline: 1- 877- 601- HOPE. Fannie Mae has a very informative website as well. Both these websites will be a good start to give you the tools you need to start navigating the process. Who knows, maybe the outcome will end up being more positive.