Take care of your credit history by not letting it be tainted by a foreclosure.  If you are already a payment behind, don’t wait for it to sum up to three lest you lose your home.  Here is a primer on how foreclosure happens and how you can avoid it.

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee’s sale or a judicial foreclosure, in which the property is sold at public auction.

A borrower can cure the default by…

If you are to go through a foreclosure process, better be prepared.  The best preparation you can have involves a lot of reading and knowing about the process itself, and most importantly, about your rights as a homeowner.  It is going to be a long series of court proceedings and deadlines.  You have to pay special attention to these proceedings and deadlines to know how much time you have to protect your homeowner rights on a foreclosure.  However, you must remember that with your homeowner rights, it is still possible to delay if not alleviate the foreclosure.  So be sure that you understand your rights and how they can help…