My first answer hub here on hub pages. Well what to do if you are about to be foreclosed on. Most people unfortunately wait to long to take any action in a situation; their biggest problem is procrastination and failure to act. The very first thing to do is to get an attorney. I know you are saying if I could get an attorney I would be able to make my mortgage.

As with all things in life, if you have a desire it can be done. Ever heard of Prepaid Legal? They are a MLM company (I know a lot of you cringe, but unlike most MLM companies they actually have a service people need) they offer prepaid legal for about 36 dollars a month, I know you can muster that up or ask a couple of friends for that much. Get them to counsel you on all of your rights, and take a look at your contracts, that service is all a part of their package. If they can't help you the next step is a loss mitigation specialist.

They will work with you to help you short sale your home. Once that is finished you will owe some debt to the bank but not as much as you did owe. After that you pretty much should file bankruptcy, again something the prepaid legal will save you a ton of money on. Once that is done the debt will be settled and you start making your payments. After 12 month of on time payments you can start looking for a house again. FHA has a program that allows for home buying after a bankruptcy with about 3 percent down payment. So here is the deal after the bankruptcy you have freed up some capital start investing it in something that will grow in value and don't spend your money on superfluous things that aren't worth a damn in 3 years. Build wealth buy a home and don't use consumer credit ever!!! As always get a professional Financial Advisor to help you. Quit taking shortcuts, do this right because you have seen what happens when you don't.