If you have a home foreclosure, it can 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.
Having a foreclosed home could also affect your ability to find another job; if a future employer wants to look at your credit history and sees that you have foreclosed home on it, they could decide not to hire you because of your lack of ability to manage your own money.
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 allow you to save 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 allow you to pay less each month while at some point in the future be able to make a lump sum payment that would enable you to be able to catch up on the amounts that you are missing in making the smaller payments.
We realize that everyone is different, and to save your home, you might require a different 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 be able to work with your individual situation and hopefully develop a solution that will prevent your home from being foreclosed upon.