How common foreclosure is in a given area matters for many reasons. One is that foreclosures can have incredibly significant impacts on homeowners exposed to them, not the least of which being the loss of their home.
Sometimes, the unexpected happens when it comes to a person's financial situation.
When facing a possible foreclosure, homeowners can vary considerably in what matters most to them when it comes to resolving the situation. For some, their highest priority is keeping their home. Meanwhile, for others, things such as quickly getting themselves in a place where they can start putting their financial state back in order take up the top of the priority list.
When a person is having great difficulty staying current with their mortgage payments, one option that might be able to help them get back to a manageable position regarding their mortgage (and away from a possible foreclosure) is negotiating a loan modification with their lender.
One thing that can put a person into a financially difficult situation is them buying more home than they can afford. Thus, staying within one's budget can be vital when home shopping.