You've spent your entire life waiting to purchase your dream home. You may have received the down payment as a gift, you may have saved for years, or even borrowed cash from relatives so that you could make the possibility of home ownership a reality.

Fast forward to today - you've received a notice of default from your bank or mortgage company. The letter tells you if you don't come up with x amount of money, by such and such a date, your financial institution will begin prompt foreclosure proceedings - and you will lose your home.

What is a homeowner to do, when faced with the possibility of foreclosure?

The first thing you need to do is determine whether your personal and financial situation will enable you to keep your house. For example, the homeowner who experienced a temporary loss of income, perhaps due to a lay off, or employment termination; but was able to secure a new position earning enough to continue to afford the house - can take steps to catch up on their payments and stop foreclosure.

Making the decision to do everything in your power to keep your house is the single most important decision necessary for a homeowner to beat the foreclosure circumstances. Once you have made this determination, the next important aspect you must deal with is time. From the time you receive your notice of default, or NOD, you must act quickly so that the foreclosure action does not move forward. Depending on the laws in your particular state, legal proceedings can occur very swiftly, or may be drawn out over a longer period of time. Either way, every homeowner is encouraged to address their foreclosure issue promptly, or the possibility of keeping the home, may not be an option.

For homeowners who are seeking foreclosure answers, there are companies which specialize in providing loss mitigation services. A reputable loss mitigation company, or stop foreclosure service, can effectively negotiate with your lender on your behalf, so that you can keep your home, and the "American dream" alive.

More info on your stop foreclosure information search:

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