Dodge Foreclosure

Despite what a lot of the newspapers are saying foreclosure isn't a death sentence for your home or your credit.

USAToday has an article that discusses how people were able to escape foreclosure and either remain in their home or get away from it without having to continue paying for it.

One of the alternatives is to call your lender directly and find out what they can do for you. They'd rather you pay your mortgage under some modified manner, than to have you walk away and discontinue paying completely.

Another alternative to help you dodge foreclosure is a 401(k) loan. If you've been contributing to a 401(k), you are able to take a hardship withdrawal or you can take a loan for 50% of what's in your account. You do have to pay it back but since it's your own money, you're paying yourself back. There is a fee associated, but it's an option to consider if your financial situation becomes severe.