What is foreclosure?

In the contract you signed when your mortgage lender loaned you money to buy your house, you agreed that if you can’t repay the loan, the lender can foreclose to take ownership of the house.

If you do not pay your monthly mortgage payment, you are technically in default on your mortgage. State laws vary, but generally, a loan that is as little as 90 days delinquent can be considered in foreclosure.

Your lender may send you a notice indicating that they are starting foreclosure proceedings, but don't wait; take steps to prevent a foreclosure as soon as you realize you are having trouble paying the mortgage.

Foreclosure Counseling Resources

If you are in foreclosure trouble or may be in the future, call or visit a homeowner or foreclosure counselor.

* Homeownership Preservation Foundation (www.995hope.org)

* HUD counseling services (www.hud.gov) or (800) 569-4287

* NeighborWorks America (www.nw.org) or (888) 995-HOPE (4673)

* Fannie Mae Counselor Search (www.fanniemae.com)

* Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111 (Approved by Department of Justice for bankruptcy filers)(www.doj.gov)

* National Foundation for Credit Counseling (www.nfcc.org)