If your home is in foreclosure, it will damage your credit score for years (as your score will drop 250 points) or more and could make it very difficult even to be considered another home buyer in the future unless your foreclosure is wiped off your credit history.
Filing for Chapter 7 or 13 bankruptcy could save your home from being foreclosed upon and could allow you to restructure your debts in such a way that will enable you to keep your home. If you do not want to file for bankruptcy but still seek to save your home, there are some other routes that you could take.
You can decide to work with your lender to get caught up on payments. This will probably only work if you can put up a large sum of money.
You could also talk to your lender about modifying the loan. You could seek to do this without refinancing your house. A loan modification would change the structure of your payments and possibly put missed payments on the back end of your loan allowing you to be current again.
We realize that everyone is different, and to save your home, you might require another solution discussed in this article.
If you are facing foreclosure in any way, we highly advise you to talk to a Tulsa bankruptcy attorney.. They will work with your situation and hopefully develop a solution to prevent your home from being foreclosed upon.