You probably lie in bed at night asking how you got yourself into this financial mess.

Until now, your life undoubtedly has had its ups and downs, just like everyone else’s. The threat of losing your home is undoubtedly one of the biggest challenges that you have faced.

You may be confronting many life crises at the same time. Another major crisis probably got you into foreclosure to begin with. The most common are:

• Divorce
• Illness
• Loss of job or demotion
• Imprisonment
• Overspending
• Overestimating future earning ability
• Procrastination and negligence

Perhaps you reasoned you could quickly find a buyer if necessary. You envisioned a sale as a sure way to get out of the mortgage and to make a profit as well.

After foreclosure expect serious consequences. You may find it impossible to get credit, buy a car, get a new job or rent an apartment.

Credit card companies, seeing a foreclosure on your credit report, can raise your interest rate to their "default" rate. This can be over 25 percent. Your poor credit history makes it improbable that you can obtain a car loan.

You may not be able to purchase another home for five years. Fannie Mae has increased the time it takes to get a new mortgage, after the completion of a foreclosure sale, from four years to five.

Many employers check a potential hire's credit before making a hiring decision--particularly when the position require handling money.

Finally, many landlords do a credit check prior to accepting a rental deposit. With a foreclosure on your record, a landlord may require you to double your initial deposit (this may be illegal in some states.) That's why its recommended you secure a new place to live prior to foreclosure.