Some time ago, I told an inquiring reader the steps he must take to avoid foreclosure on his home. He did not like--or perhaps would not hear--the truth about his situation and he took no action to help himself. Recently, he and his distraught wife watched as the sheriff had their furniture and possessions removed from what used to be their home. After missing over a year of mortgage payments, their home had a new owner.

Foreclosure is ugly, but rarely necessary. Home owners usually know it’s coming, and they have many months during which they can take corrective action.

The foreclosure process begins after borrowers get very far behind on their monthly mortgage payments. Lenders usually try to work things out with the borrowers, but if the borrower remains non-compliant or unresponsive, the lender forecloses to regain the home’s title to minimize its losses.

The foreclosure process takes many months and there are several points along the way at which borrowers may break the chain of events. Here are a few that come straight from my heart.

If it looks like your next mortgage payment may be a full 30 days late, contact your creditors, banker, and mortgage lender for help immediately. If you are already late on your recent mortgage payments, do not give up. Your credit scores will have dropped, and you will not get favorable mortgage terms, but you may still be able to save your home with a refinance.

If it’s very late in the foreclosure process, but you still retain title to your home, certain real estate investors may purchase your home to lease it back to you until you can get back on your financial feet. Usually, you agree to buy your home back from the investor within a couple years. This is an expensive way to go, but it can help you save your home.

Do not lie to yourself. Do not be too proud. Early intervention is your key to success, and your options become more limited and more expensive the longer you wait.

Timothy Phillips is a mortgage banker and newspaper columnist.  Homebuyers should always consult a professional for guidance specific to their situation.