If you are a home owner that has missed a lot of mortgage payments, your credit score is in trouble.  Chances are that you will see a drop in your credit score because of your missed payments, but if you don’t get your act together, you will be heading for trouble.

If your home becomes one of those repossessed properties your lender has, your credit score is in big trouble - expect it to free fall.  Not only will this harm you in the short term should you need a loan, but even in the long term you will have big problems getting another mortgage, when you decide to buy another home.  Repossession is definitely something you should avoid.

If there is absolutely no way that you can avoid getting your home repossessed, take advantage of the many sell and rent back programs in your area.  Instead of defaulting on your mortgage, they will buy your house from you giving you the money to pay off the mortgage.  They can then rent the home to you, so that you don’t have to find a new place to stay.  Most of these programs also allow you the option to buy back your home at a later date - when you are doing more financially.