When you fall into financial trouble, it’s tempting to ignore things and not pay your mortgage payments. Unfortunately, this is the worst thing you can do. After all, there’s a good chance that your credit rating will suffer and that you will end up in a foreclosure process.

According to Petrovich: “How your creditors respond to your financial problems depends largely on how quickly you acknowledge your problem, and then accept responsibility by taking appropriate action.”

Then again, don’t think this will be a cure-all. For example, your financial problems may be quite serious and simply put, you may not be able to afford to live in your home. If this is the case, you’ll probably need to sell the home or do a short sale (which involves the lender forgiving part of the outstanding loan).

Or, if your financial troubles are short-term, you might be able to get your lender to agree to a couple missed payments - so long as you make up for them. Although, it’s probably a good idea to take measures to reduce your expenditures (and, Petrovich some good budgeting tips).

It’s also a good idea to seek out some legal advice. Keep in mind that there are a variety of federal and state laws that protect borrowers. In light of the complex slicing-and-dicing of mortgage loans, there’s a chance that a lender may be out of compliance. Or, a lender may have engaged in misrepresentations or fraud. If so, this could actually stop the foreclosure process.

Writes Petrovich: “The chance to save your home and/or your future creditworthiness begins with understanding the process, understanding your options, and the pros and cons of each of your options.”

All in all, Petrovich accomplishes this with his book, which is fairly easy to understand and provides real-world solutions.