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A: How to avoid losing your home When you own your own home, there are a number of steps you will want to take to make sure you don't lose the property. The first and the most obvious is to be sure that you make your mortgage payments on time. If you don't, your bank may have the right to foreclose on your mortgage. In general, foreclosure proceedings follow the same pattern no matter where you live. Your lender must give you a notice that you're in default on your mortgage, and give you an opportunity to bring your payments up to date within a specified period of time. If you don't, the lender then goes to court and obtains an order of foreclosure. This order gives the lender the right to sell your property to the highest bidder. If the property sells for less than the amount you owe, the lender can go to court again to seek what's known as a deficiency judgment for the balance. With a deficiency judgment, the bank can garnish your wages or attach your personal property in order to collect the balance owed on the mortgage. However, if the property sells for more than the amount you owe, you get the balance, minus the bank's attorney fees, court costs, and other costs associated with the foreclosure sale. In every state, you have the right to redeem the property right up until the time of sale by making all the back payments you owe, plus an extra amount for interest and costs. In some states, you can even redeem your property after the sale. To do so, you must make all the legally required payments within a time period specified by state law. If you are falling behind on your mortgage payments, one of the best things you can do is let your bank know about your problems as soon as possible. You may be able to refinance your loan, or make payments of interest only until your financial circumstances turn around. There are other ways one can work out something with the bank that information is at our ministry , and on our web site. You can protect your credit record by offering your bank what's known as a deed in lieu of foreclosure. With a "deed in lieu" you agree to hand over your interest in the property to the bank. While you lose the property, you keep a foreclosure off your credit record, which can make it easier for you to obtain another mortgage in the future. This procedure should be the last move a homeowner should make. In any situation where foreclosure is a possibility, you should definitely consider getting the assistance of a lawyer, if you do not know the foreclosure process in your state. State laws on foreclosure vary widely, and the willingness of a bank to pursue foreclosure proceedings depends on a variety of factors, such as the state of the local economy and the time it takes to resell a foreclosed property. Foreclosure is one way you can lose your property, but there are a number of other situations in which the loss of ownership can take place. As we've already seen, if a contractor or subcontractor supplies materials or services to improve your property, it may be entitled to a mechanic's lien against the property. If the debt goes unpaid, it's possible that the contractor could force a sale of your property in order to obtain its money. Failing to pay property taxes can lead to a tax sale of your home. In some states, the government doesn't even have to give you notice that it plans to sell your home for back taxes, so it's essential that you stay on top of the situation. If your taxes are collected by your mortgage banker, you should get a statement from the bank showing when the taxes were paid. If you own your home outright, be sure to make the payments to the tax authority on time and in the correct amount. As with foreclosure