As we are facing an economic crisis on a global scale, many of us find ourselves in a position where we are unable to afford our bills. Along with that, many of us got financing for our homes during a time when money was very easy to come by. What ended up happening is that many of us wound up with a loan that ballooned after several years and left us unable to afford the payments. What is one to do if foreclosure is staring you in the face?

The first thing that you need to do is to not panic, that won't solve a thing. Contact your mortgage company to let them know that you are experiencing financial difficulty. Banks are in the business of lending money not owning properties. They would rather work out something with you to avoid a foreclosure. If you qualify, your mortgage company may consider modifying the loan and putting it at a level that is easier for you to maintain. Interest rates are very low at this time and if your loan is modified successfully, your monthly payments can lower substantially.

If you are in a situation where you absolutely can not afford to pay your mortgage, you may be able to sell the house in a pre-foreclosure situation or short sale before the actual foreclosure takes place. This can get you out of your current situation and may even save your credit score to a certain extent. Once you are out from underneath your house payment, you can begin the process of rebuilding your life from there.

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