Introduction

You're probably reading this web page because you're in financial trouble. You're behind on your mortgage payments and know that foreclosure is imminent.

Perhaps you've already received a default notice from your lender similar to this:

We have not yet received your payment as referenced above which was due on the first of the month. If you have not yet made your payment, please do so immediately.

Your first questions are likely to be:

• Now what?
• What is foreclosure?
• How does it work?
• What are my choices?

This Chapter...

is comprised of two sections.

• Foreclosure Facts & Figures
• Why Homeowner's Face Foreclosure

Generally, someone in foreclosure doesn't have the money to hire an attorney. If that's your situation, you don't have to face the foreclosure process alone and without guidance.

Many books and websites are written for real estate investors seeking to make money on foreclosed homes. Those books teach investors how to make money off your unfortunate circumstances, but don't address your situation.

This website will guide you through the foreclosure process, and is written from the defaulting homeowner's perspective.

P.S. On nearly every page I remind my readers to monitor their credit score. I do that because one of the most serious consequences of foreclosure is damaged credit. The first step to protect your credit is to review your credit report (you can get a free credit report here).