Foreclosures should be a homeowner's very last resort. Sometimes money gets tight and bills get out of hand, in today's world this happens all too easily. We wouldn't be considered Americans if we lived within our budget and out of debt. With today's economy fluctuating day to day and the stock market being so rocky, many times a person is simply taken off guard and placed in a spot they never thought they would have to deal with. Many things lead to someone contemplating the decision of foreclosure on their home and it is not an easy situation to be in. So here are some points to consider if you are ever put in this place.

Are your bills excessive in the order of luxury items? Often we think we need things that we really could live without. From seasonal tickets to a football team, high speed internet, cable TV, the best car, the best clothing, or even eating out all of the time can lead into hard times. Overspending in just about anything pushes the envelope closer and closer to the red line.

These are the controllable items in ones life and these are the situations in which you have the ability to make a difference. There are also several situations in which one might not be able to control. If you get laid off from your job or suffer a big loss in the stock markets or unexpected illnesses and injuries can all cause you to be put into a position you deem less than favorable.

If this has happened to you there are sometimes avenues that you can take to avoid losing your home. If cutting back on extravagant spending is not your issue and you have already cut out all of the controllable stuff, it might be time to look at more serious terms of financial realignment. Consolidations of credit card debts, along with things that might be pulling you under such as the associated late fees and over limit fees of lenders, can be renegotiated more easily through a debt consolidation counseling service. Not only will they assist you in resetting your budget, but they also help you bring your entire bill together in a much more easily managed portfolio. This allows you to feel in control again and shows you the best way to help your decision.

Even if you are not sure if counseling programs can help you, it is worth a look because if they can't assist you in any way they will help you decide which option looks like the best for you from a profession viewpoint. If your best option appears to be home foreclosure, be aware of what the consequences are to you in the long run. Credit reporting will retain this on your record for up to ten years and at least seven.

A bad credit rating will affect everything you can do in terms of future purchasing and will trickle down into your everyday life in more ways than you can imagine. Average things, like getting a basic checking account to how high your insurance rates are, will be affected. Definitely seek professional help to discover what is really necessary to your situation so you don't regret it later in life.

Gregg Hall is an author living in Navarre Florida. Find more about this as well as home foreclosure at http://www.houseandpropertyforeclosures.com