The foreclosure on the house is the biggest nightmare of everyone who has any kind of mortgage or debt. This boogeyman will stay in the land of dreams as long as people can pay their payments on time. But there are bad times in the life of everyone. And sometime these days last too long and the troubles with the money emerge. The credit cards and the unpaid bills start to pile up. The warnings from the banks are coming more often and then one day the foreclosure notice will come.
This can be very damaging not only to the person of concerns but also to his family and the neighborhood. For several years you worked hard day after day, you gave up many things you always wished for and now all this effort is totally in vain. Not only you lose your home you lose more than that.
There are some ways how to prevent the foreclosure. That is important because if your home will be foreclose it will show on your records and you will become trust unworthy to the banks.
If you cannot pay your home, you can sell it before the foreclosure. From the house money you will be able to pay the debts and then buy yourself other house, probably more humble but one you can afford. You can also arrange a payment plan with the lender and gradually pay your due payments. This is beneficial also for the lender so he is more willing to agree to this.
But if there is no stopping the foreclosure you can buy your house back within 180 days. This is process so called redemption. The foreclosure process might be either rapid or lengthy that depends on the state you live in. In order to avoid the foreclosure you can also proclaim the bankruptcy.