When you fall behind on mortgage payments, it’s very possible you can lose your home through foreclosure. A lender or mortgage holder can repossess or sell property in order to repay the debt owed on that property. Foreclosure will significantly affect your credit score, inaddition to causing you a lot of stress. It’s important to know what your rights are, andunderstanding them will give you a chance at possibly keeping your home, or at least reduce the damage to your credit and financial health. There are laws that lenders must abide by, which vary by state, that require homeowners to be provided with a written notice of default, and a set amount of time to rectify the situation. Remember, if you are having trouble making your mortgage payments, the following options can help reduce your chance of foreclosure.