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We have sympathy for your foreclosure situation, along with the thousands of others experiencing the same situation. The following information describes what you should do immediately after your home forecloses plus areas of recourse that may help you save your home.

The first thing you need to do if you are unable to pay your mortgage is to immediately get on the phone with your lender. They're not out to take your home away from you and will attempt to work with you if you are going through tough times. There are several options that you can explore with your lender including:

1. Repayment Plan: this means that you will have a fixed amount of time to pay back the total amount that you did not pay. This amount is broken down over a period of time determined by the lender and is added to the regular monthly mortgage payment.

2. Forbearance: this is when your lender allows you to pay less than the full mortgage for a temporary period of time. It is also quite possible that you can negotiate paying anything at all during this forbearance period. To qualify for this you have to prove you experienced a significant decrease or lack of income.

3. Loan Restructuring: This is when the lender modifies your loan so that it lowers your interest rate or extends the length of your loan, which reduces the amount of your monthly payment.

Another option that can help if you're faced with foreclosure is Project Lifeline. This is an outreach service for homeowners who are more than 90 days delinquent on their mortgage bills. Basically, the federal government and six big mortgage companies are working together to try to get the word out to homeowners who are heading towards foreclosure to get help. This program allows homeowners and lenders to come up with an agreement that works for both parties to help catch up on past mortgage bills and continue to keep the property.