Since the credit crunch begin, foreclosures has been in the mind of many. But what exactly is it? A foreclosure is actually a process that takes place when mortgage payments are not paid over a period of time by the homeowners, usually when it exceeds 3 months. Having said that, the time frame does vary amongst different lenders, with some foreclosure process kicking in about 2 months from the first missed payment by the homeowners.

Banks are usually vilified as being too eager to go down the path of foreclosing homes but this is really not entirely true. In general, banks would prefer to come to an acceptable arrangement with the homeowners and would only use foreclosures as a last resort as this exercise would cost them time and money. Banks would rather spend their efforts looking for investment opportunities to grow their organization.

Banks will usually give several opportunities to homeowners to make good on their payments to avoid foreclosure. The banks know that once a homeowner is behind on payments, it will be harder to catch up on those late payments. However they usually show great restraints as they know the homeowner is doing everything to keep their home.

Usually if the bank can see that an honest attempt is being made to catch up, they will delay the official process,giving the homeowner the chance to keep his or her home.

If you have done everything in your power to avoid it but still end up being foreclosed on, keep in mind that it is not the end of the world, though it is easier said than done. Even though this situation will affect your credit ratings, you can still bounce back and own a home eventually.

Bear in mind that you will usually be given up to 60 days to move out of your home when you are foreclosed on and will not be forced to move out immediately. There are even situations where you will not even have to move out until the bank finds a buyer for your home.

In addition to the federal foreclosure laws, every state will also have their own specific additions or amendments to these laws. It is therefore advisable that you try and get information on what these are so that you know your rights. Like bankruptcy laws, they can be rather complicated and it is therefore advisable for you to consult a lawyer who can help make sense of all these laws so that you know your full protection rights.

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