If you have missed a mortgage payment or payments you'll need to act fast to lessen the damage so you can either salvage your credit or possibly keep your home.

If you're currently going through pre-foreclosure or have already been issued NOD (notice of default) you are no doubt stressed, overwhelmed and even angry. You must put those feelings aside and deal with reality now as TIME is your worst enemy.

You must determine very quickly (hopefully within 30 days) if you are experiencing only a temporary cash flow issue and will be able to continue making payments.

Retention Strategies - These help you keep your home. You need to contact the loss mitigation department of your lender ASAP. You will need to know what types of loan modification or reinstatement options are available to you.

Sell The Home - If you honestly believe your cash flow situation will not improve you will have no option other than a liquidation strategy - selling the house. If you have some equity in the home this may be the best options.

Remember "best" actually means least damaging to your finances, family and personal well-being. Selling your home may salvage what's left of your credit score and you'll walk away with some cash. You also will be in better shape to apply for a mortgage in the future. This is the least damaging option.

Of course the quick sale contract will typically cover the amount of the payoff plus whatever is negotiated with the foreclosure investor. They'll want to purchase your home for under market value so be prepared. Remember, time is your enemy so selling low believe it or not, creates a win-win for you and the foreclosure investor. It's wise to accept a reasonable offer and move on.

Short sale -If you have no equity and actually owe more than the home is worth, a short sale may be an option. The lender will accept a settlement for less than the payoff and the foreclosure process stops. Your troubles are not over however - you will still have a tax consequence because the IRS views the amount "forgiven" as a taxable event. For example if the payoff is 260,000 and the lender accepts 240,000 - you will be taxed on the 20G. Plus your credit score will be further damaged.

Deed in lieu of foreclosure - If you can't sell the house for enough to cover the payoff your lender may agree to accept a deed in lieu of foreclosure. You merely turn over title of the home to the lender and the foreclosure process stops. You must first prove unavoidable hardship to even be considered for this.

Proceed with foreclosure - The worst situation would be to let the foreclosure proceed. You will completely decimate your credit as well as lose your home.

As devastating as foreclosure is you can bounce back - the damage need not be permanent. There are steps you can take to rebuild your credit slowly but surely and qualify for home ownership after foreclosure.

More info on your stop foreclosure information search:

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