Anyway, in spite of that, it is still possible to hold on to your home even in the face of foreclosure. A working knowledge of the foreclosure process, along with a few not-so-secret strategies, can keep you in your home for the foreseeable future even if you cannot make your mortgage payments. This should tide you over until you have the wherewithal to finally land a loan modification.

There are definite risks associated with foreclosures most buyers are aware of, like the repairs that often come with neglected and abused homes. These homes tend to be concentrated in neighborhoods, though not always. With the threat of more homes possibly going into foreclosure, the newest risk is that the house might continue to lose value even after you purchase it, because new foreclosures come on the market, furthering the decline in the neighborhood.