The ugliest phrase in the English Language right now is home foreclosure. A home is something that people have worked a long time to get, and the possibility of having that asset taken away by foreclosure is unthinkable.

Have you had a hard time trying to keep your head above water? Perhaps you have been slipping on your mortgage payments. Have you been getting telephone calls from your lenders asking you to call them?

If you think your home is headed for the foreclosure list, here are a few things you will want to do. First of all, do not ignore the phone calls or letters from your mortgage company. Your silence will be deafening to them, and indicate to them that you do not want to get things worked out peaceably.

If you are unable to make your mortgage payments, and you do not want your home to go into foreclosure, then there are steps you must take right now. Do not ignore the problem. The further behind you fall in your mortgage payments, the harder it will be to have your loan reinstated and the more likely it will be that you will lose your house.

As soon as you know you have a problem, call your lender immediately in an effort to avoid home foreclosure. Believe it or not, lenders do not want your house. Options are available to help borrowers when they are having financial difficulties.

Open all mail from your lender and respond to it. The first notice you receive from your lender will be filled with information about foreclosure prevention and will give you options as to how you can weather some financial crises. Later mail may include precise notice of impending legal action. The failure to open this mail will be no excuse for you in foreclosure court.

Know your mortgage rights. It would be a good idea to find your loan documents and read them through with a fine-tooth comb so, in the event that you cannot make a payment, you will know what your lender may be able to do. Learn about the foreclosure laws as well as the time frames in your state. The laws vary from state to state.

Believe it or not, the foreclosure laws are actually on your side as much as they are on the lender's side. But most consumers do not know this, and your mortgage lender is actually counting on the fact that you do not know your rights when it comes to foreclosure. You DO have options, but the ball is entirely in YOUR court to exercise those options, since your mortgage lender is almost certainly not going to make you aware of them.

Your home is a valuable asset and you must do everything you can so that it does not go into foreclosure. Take the time and effort that is needed to discover the options you have and get them started today. The problem is not going to go away by itself, so the sooner you get started, the better off you are going to be.