A: Foreclosure is when a lender sells or takes your property because you stopped paying your loan.
A: Foreclosure can hurt your credit score, your future mortgage chances, your taxes, and your legal rights. It can also cause stress and hardship.
A: Some options you may have are: Loan modification, forbearance, state grants, personal loans, sale of the home, or bankruptcy.
A: The best way is to pay your loan on time and in full. If you have trouble, contact your lender and explain your situation. They may help you. You should also get professional advice from a housing counselor, a financial planner, or a lawyer.