If you are wondering how to prevent foreclosure, there are several steps to take to stop the bank from taking your home. Firstly, always communicate with your bank and let them know your situation; the worst thing you can do is simply not pay your mortgage and not communicate with your lender. Typically, you would have to be at least several payments behind for foreclosure proceedings to be initiated; if you are just one payment behind, nothing will happen. Your lender may be able to adjust your interest rate to give you a lower payment, or waive a payment and allow you to catch up at the end of your 30 year term, and of course you may also be able to refinance at a lower rate if you currently have a high interest rate. Check with your lender for other possible solutions.
