If you have a mortgage at risk , you should try the ways of preventing foreclosure. First of all you have to find out that weather there is way to save your home or not . If ther is no way then you should follow the ways to prevent your home from foreclosure.
It's an important issue for the nation as well . But nowsomehow in economic terms housing crises is just because of current banking crises and finally Washington is taking mesurable steps for the homowers to prevent foreclosure.
You should try the following ways to prevent foreclosure.
First of all you have to search for an investor who can give you the exact price of your home or more than that. This is the best way by which you can clear your debt and it will will not affect your credit score as well.
If it will not work then you can go for another option which is short sale. A short sale is where the bank pay the amount of your loan according to amount decided by the investor and you can leave your home in the existing condition.
But if no shortsale investor is forthcoming , the variation can be just between you and the bank. So in this case a Deed in Lieu of foreclosure will be issued by the bank and the bank will assume your home by leaving by you in the existing condition.
However, both short sales and Deeds in Lieu of Foreclosure wil affects your credir score negatively.
But you can also work with the bank to stay in your home though because there are thousands of bank owned homes are empty and these are liabilities not assets for banks.
Now a days , the state and federal government are giving incentives to the bank so if you are not be able to payi your mortgage to the bank , you can atlest give a call to the bank and they will definately suggest you the way because banks are more receptive now than they were a year ago.
That was some useful information on how to prevent foreclosure . I will provide you more information on foreclosure and other financial matters in future.