If you plan ahead you can keep you home from going into foreclosure. The quickest way to get into trouble is when you do not pay your mortgage and the bank sends you a foreclosure letter. What happens next is that your bank will take control of your house and sell it at auction to the highest bidder. You do not want this to happen in the best way to avoid this is to contact your bank and work out a payment option that is acceptable for you and the lender. Do not ever feel that it is too late to save your house when you have an open line of communication with your bank you can avoid foreclosure. With unemployment being so high it is very common for people to not be able to keep up with their mortgage payment and the risk a foreclosure. During these tough economic times most banks and lenders understand that it can be difficult to make your payments on time. If you reach out to them they would be willing to work out some content payment plan so you do not have to lose your house. It is important to remember that your bank does not want to own your home and sell it for less than is owed. Remember that it is up to you if you want to avoid having a foreclosure with your home. The best way to do this is to have an open line of communication with your lender. They will understand if you are having tough financial times and will work out some kind of payment plan that is acceptable for you and them. The one thing you do not want to do is ignore your monthly payment because this will guarantee your home will end up in foreclosure.