Ok, lets start with some basics first!

If you own your home but don't own it free and clear then you probably have a loan or mortgage on your house. You may also have another form of "mortgage" on your home called an equity line of credit.

Regardless of what it is called, you have a monthly payment that you have to make on the debt that you have on your property. In a lot of cases this is called a mortgage.

Now as long as you are able to make your monthly payments then you are doing fine! It's when you start to have trouble making these monthly payments that you start to get in trouble. If you are having trouble making these monthly payments and/or you stop making the monthly payments then that is when you start to get in real trouble! That is when the company that you are making these payments to can foreclose on your property to satisfy the debt that you owe to them.

Now each area is different in the kinds of foreclosure laws that they have. And while it may seem like something that you would rather not know you should check and see what the foreclosure laws are in your area.

If you are late with your payments or are having trouble with making your payments then you should contact your mortgage company. Although a lot of people don't want to do this because they fear they will make a bad situation worse - it is better to get in contact with them and let them know of your circumstances! Sometimes you may be able to negotiate a better compromise with them - but you will never know that unless you contact them first and talk with them!

Some states give you some time before your property is actually foreclosed on - meaning that you will have some time to get the money to bring your payments back up to current. But again you should check your own state to see what the foreclosure laws are in your area.

You may have more time (and more options) than you think!