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Buying a home is easily one of the most significant financial purchases many people will make in their lifetime. While entering into the world of real estate can be fun, you also usually set about looking with an idea of what you can afford, either by sitting down with a lender before you shop or by figuring out what you think is an affordable monthly payment.

Sometimes, even when you take all the necessary steps to determine the right limit to your budget, you find yourself in a situation where you are overextended and you simply can no longer make your monthly mortgage payment. This could be because you found your dream home and the only thing not-so-dreamy was the price tag and you decided to dig your heels in and make it work. Other times, it may simply be because situations change. With the volatility of the economic climate, jobs are lost, demotions are common and people inevitably struggle.

If you have missed as many as three mortgage payments or sometimes as few as two, your lender may already have begun foreclosure proceedings. State laws typically require advance notice by the lender to the debtor if they intend to sell the home.

Bankruptcy may seem like a grim option but sometimes it is the best option. It offers the possibility of keeping your home by rearranging payments and helping you work with your lender to get you back on track.

You would likely benefit from a Florida bankruptcy law attorney who can walk you through your options and determine the solution that is right for your particular circumstances.