If you fall behind on your mortgage for more than three months, lenders and mortgage companies will most likely begin the foreclosure process. This process takes time. Once you fall behind on your mortgage and know you’ll be unable to make the next payment and the next, you need to consider alternatives to foreclosure. Alternatives can include a loan of forbearance, short sale, or deed in lieu of foreclosure. If these alternatives fail, bankruptcy may help stave off a foreclosure on your property.
