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It is important that you try to avoid going into closure of all costs . There are many legal issues that can arise if you miss payments and allow your home to end up in a foreclosure. Basically how it works is that if you are late for more than four months bank will issue a notice that you need to evict her house within 20 days. The problem is that you have legal rights and in some cases the bank cannot throw you out on the street. You have right into your bank and try to come up with a solution that works for you and your lending institution. During these tough economic times many are facing closure so you need to know your legal rights. Most banks do not want to own your home because they will have to turn around and try to sell it in a down market and this can be very difficult for them. You are always better off to have a good line of communication with your bank so that you can come to terms and save your home from foreclosure. This is one of the worst economic crisis is our country has ever seen and as foreclosures continue to rise most banks want to work out a solution. You should never feel like there is no option for you and you have to do is legally let your house go. Remember legally when it comes to foreclosure you have a lot of options available for you. You need to have an open line of communication with your banker so you can work out a payment option. Your bank does not want on your house and have to turn around and try to re-sell it. Once you come to an agreement you can stay in your home and continue to make payment and legally the bank will be happy because they will no longer have to worry about your situation and take legal action.