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When you miss your mortgage payments, foreclosure may occur. This is a legal means that your mortgage company can use to repossess (take over) your home.

Depending upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equity.

When making financial decisions during the process, you should consult your attorney. In particluar there are three items worth mentioning.

Your credit profile details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you.

If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory.

Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan.