The foreclosure process typically begins when you have gotten behind on your mortgage payments for more than three months. Your lender will file a Notice of Default (NOD).
At this point you might think the loss of your home is inevitable, leaving a nasty stain on your credit. However, there are ways to prevent that from happening and begin fresh.
The first step is to contact your mortgage company. Most lenders would rather work out a compromise that would allow you to get back on track with your mortgage than take your home in a foreclosure.
However, if you see no way out other than to lose your home to a foreclosure, there is a way out. Selling your house to a real estate investor may be your best option.
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