One of the largest items that I find for many in foreclosure is that they were not speaking to their lender, or the correct department at the lender. The most important thing when facing foreclosure is to communicate with the lender. This article outlines some good steps, to approach them and negotiate.
Remember, banks DO NOT want to own houses, they want their money back so that can re-loan it and profit again. If you can communicate with the loss mitigation department and work out a situation to extend your mortgage payments there may be a solution. However, you must contact the correct department, be honest and truthful, and follow through on what is asked and what you agree to.
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