Don't fret, there are many resources out there to prevent you from losing your home. Now, more than ever, banks are willing to work with you on late/missed payments. They don't want your home, they just want your money, but you have to ask for help! There are so many other options out there, besides just letting your home go into foreclosure, and your credit won't be hurt nearly as much! Contact your lender at the first sign that you're struggling to make your mortgage payment, and see what they can do to help. Most likely, they won't come to you to see if you need help. YOU NEED TO GO TO THEM! No one wants to admit they're having troubles making their mortgage payments, and we as humans, don't like to ask for help, or admit defeat, but you have the opportunity to seek out options available to you. YOU JUST NEED TO ASK!
First time home buyers make up the vast majority of home buyers right now, and why not? Now is still a great time to buy, especially if you don't have a house to sell! Interest rates are still very low, and probably won't be as low for many years to come! The biggest difference between now & in the recent past, is that you'll probably need at least 3-5% down and excellent credit. Real estate continues to be an excellent long term investment, so what are you waiting for? There are many, many homes to choose from, so contact your local Realtor today to see what you've been missing out on!