If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you. You may be able to lower payments by consolidating your debt through a second mortgage or a home equity loan. Think carefully before taking this on. These loans require your home as collateral.
Bankruptcy is a last resort.
Results are far-reaching. It stays on your credit file for 10 years. However, it is a legal procedure that offers a fresh start for people who can't satisfy their debts. Before you do business with any credit counselor, check it out with the Better Business Bureau. Avoid credit repair clinics.