As soon as you default the payment you may have to face the situation of foreclosure and bigger mess. You will lose all your rights as a home owner and your most desired home as well at this stage.This being said you will land yourself in a permanent loss of not being able to secure a loan for yourself ever despite your repayment capacity at that point of time. The stage when you know for sure that you are not capable of paying the dues you must look for other choices for it.

In order for you to stop foreclosure, there are some options that you can still take on. The lender must be the person to get to know first about your inability to pay your dues. Try not to avoid their call for fear of being admonished for non-payment and otherwise you should try to call them to have a detailed talk over it. This way they would know that you are concerned about your due but just do not have any money at the moment to pay for it. After your conversation, chances are you will be offered some other options that you can take on. If on the other hand throughout the course of your discussion by some miracle you find that you have the money again, then it would do you go good to simply pay up your dues.

There is every possibility that you can get a lesser payment that may be required but definetly at the cost of having to pay for a longer period of time. Instead of being evacuated from a home this is a much easier option that one can choose. Other than this, it would also be very beneficial for you to disclose all the necessary information that may be asked of you because when you declare bankruptcy, if it so happens that you are faced with it, then you would also be offered another term.