More and more Americans need to know the steps of foreclosure proceedings in order to protect their homes, their credit, and their sanity.

For instance, did you know that the foreclosure process makes every effort to allow a homeowner to save their home? In fact, even after the house is sold at the sheriff's auction, you may have one last chance to buy it back.

Because of this, knowing the steps of foreclosure proceedings is a very important tool for distressed homeowners.

So, here they are:

1. You fall behind on your mortgage payments.

2. The bank recognizes that you have fallen behind and they send you an official Notice of Default. This starts the legal steps of foreclosure.

3. You have a period of time ranging from 45 to 180 days to make an arrangement with the bank to save your home. Options include paying off the deficiency, selling the home, conducting a short sale, and turning over the home in a Deed in Lieu of Foreclosure deal.

4. If you cannot resolve your financial situation with the bank, the house then goes into foreclosure which may involve a judicial or non-judicial remedy.

5. Then there's a sheriff's sale. The sheriff auctions your house on the courthouse steps. In most cases, the bank buys the home for $1 more than the deficiency amount.

6. Finally, in most states, there's a redemption period. This may be as short as three days, but it gives you a chance to buy back the home.

Know that at each of the steps in foreclosure, there is an effort to allow the homeowner to save their home. However, time is not on the homeowner's side. If you're facing foreclosure, you need to get educated and pursue your options as soon as possible.

More info on your stop foreclosure information search:

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