The mortgage foreclosure process is a lengthy process and you should be able to reorganize your finances before you end up losing your home.
If you still fail to meet your financial obligations early on in a mortgage foreclosure process then there are still options to stop foreclosure sale at the last minute.
These options are not pretty but they will stop the foreclosure from proceeding.
Find out what your assets are and use them to pay for your mortgage.
You may be able to sacrifice other assets like cars, jewelry or even a whole life insurance policy just to avoid your house from being foreclosed.
Showing the lender your willingness to sacrifice other assets may buy you some time to get back on your feet again.
One way to stop foreclosure sale at the last minute is to negotiate a short sale with your bank.
You can either do this or see if your bank will accept the keys and deed to your house in lieu of proceeding with the foreclosure sale.
You will still need to vacate your house so before doing this be sure to exhaust all other possible options.
You will not need to vacate your house immediately because the law provides you some time to find another residence.
Different states have different laws concerning this so be sure to check what your state laws are.
Another option you have is to talk to an experienced bankruptcy attorney and file a chapter 13 - bankruptcy.
This will automatically stop the foreclosure sale and will buy you some time to find other ways to improve your income so that you can continue with your mortgage payments.
Your lender will not be able to demand payments from you so you will have the peace of mind to start finding ways to improve your finances.
Whatever you decide to do, always keep the communication lines open with the bank throughout a foreclosure process.
Lenders do not always respond negatively.
They are always willing to provide you with options as long as you show the willingness to meet your financial obligations.