Money is tight for a lot of people of these days. It seems everything costs more - gas, groceries, utilities. You name it. And because of this tightening crunch around us all, many may be burdened with the threat of foreclosure looming around us. If you are one of these individuals, don't drag your feet. Decide now if you need to take action.

You should know that foreclosure can happy very quickly. Kind of like falling into a hole of quick sand. It can take you by surprise, and though you may fight it, it can swallow you up very quickly. Thus, it's extremely important to be pro-active and avoid it at any cost. To do so, you may need to sell your home and downsize. I know that option can seem overwhelming, unfair and undesirable. However, in the long run, it may be your saving grace.

As soon as you miss a payment, mortgage servicers begin the process behind the scenes to initiate foreclosure. This action happens quickly, because, if indeed they do foreclose, lenders don't want a long, drawn out process. They want you out of the house, and they want to re-sell your home to recoup their loss as quickly as possible. If you have missed a payment, mailing in the amount you would normally pay is usually not enough. You now have late fees and penalties due. In fact, if you mail in your payment and it's not enough, you could fall behind two payments before you know it.

If you find yourself in a bind, it's best to call your lender and talk to someone about it. Figure out from them what you need to do to rectify the situation. Then, try to come up with cash quickly to get caught up. Many lenders will work with you to rectify the situation. Remember, it's in their best interest to avoid foreclosure just as it is in your best interest to do so. You both have a common goal. Don't be afraid to come forward and explore your options.

In the meantime, if it's obvious you can't afford your home any longer, it's time to think about selling your home, or someone in the home needs to get a second job. If you choose to sell, make sure you find a proven realtor and list your home at a realistic price. Be upfront with your realtor as to what you must recoup and how motivated you are. If you keep your credit integrity, there's nothing to stop you from finding a more affordable home.

Your realtor should do their best to help you. Think about why that it is. They potentially have two sales to make - the home you're listing and the home you want to buy. While you're home is up for sale, contact your mortgage lender and figure out what you can really afford for your new mortgage payment. Your lender should be able to tell you exactly what price range of home will fit into your new budget.

Tough times happen to many people. If you are one of the unlucky ones, then make sure you do what it takes to save your credit history. Take action now!

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