Facing foreclosure, homeowners can still save money, their credit or their house if they act quickly. Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage a homeowner’s ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile.

One thing a beleagured homeowner never should do is to sign over the property title to another company: Some companies promise that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name.

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