Summary of How to Avoid Foreclosure

Foreclosures hit an all-time high during the economic downturn that started in 2007. The falling housing market was originally the most noticeable aspect of the downturn; this is partly because much of the run-up to the collapse was based on inflated home prices. Caught in the middle of the collapse were millions of homeowners who lost their jobs or faced big increases in their adjustable-rate mortgages.

The federal government stepped in to offer aid to them in the hope that the housing market would not collapse further.

If you are a homeowner with a real or a potential foreclosure hanging over your head, you should know your options even before the going starts to get rough.