Whether you have lived in your home for 1 year or 30 years, being foreclosed on is certainly no fun. There are a few ways to avoid being foreclosed on, the first of which is obviously to pay your mortgage every month on time. However, if you find yourself in a crunch, you may want to see about obtaining some sort of debt counseling before you get to the point of no return. There are many companies out there that specialize in helping people avoid going to the poor house and losing their homes by debt consolidation and other helpful methods.
The first thing you should do if you are having trouble staying current on your mortgage is contact your lender and see about getting some sort of deal worked out for payment arrangements, or even deferred payments. In some cases, your original lender will be as far as you have to go to receive additional help with keeping your payments current. In other cases you will need to go to other lenders and do a little homework. Either way, staying out of foreclosure should be a major priority for any home owner. Do yourself a favor and avoid the nightmare of losing your home at all costs with home loans.