In the latest development resulting from the 2008 collapse of the sub-prime mortgage industry, Los Angeles’s city attorney has started a lawsuit against both Citigroup and Wells Fargo.

The lawsuit alleges that the companies engaged in mortgage discrimination, leading to a flood of foreclosures primarily in minority communities. These foreclosures led to losses in property value, costing the city tax revenue, and leaving it responsible for policing vacated homes.

It’s safe to say that foreclosure has far reaching effects. It not only impacts individual families; the reverberations are felt throughout entire communities, and the U.S. economy itself. If you need mortgage foreclosure help, there are many people and organizations willing to assist. Here are three things you should know about the process.

1. Is My Home in Foreclosure?

This is a surprisingly common question and speaks to the confusing nature of the foreclosure process- many people aren’t even sure if it’s happening. If you want to check whether your home is in foreclosure, the information will be listed in your county’s website. Go to the page for the public trustee, and open up the “foreclosure property search.” Then type in your property information. Generally though, you will know your home is being foreclosed because after 90 days of missed payments, a notice of default will be sent to your home. This is the point at which the loan is transferred to the lender’s foreclosure department.

2. Can I Prevent Foreclosure After the Notice of Default Arrives?

In most cases, yes. After you receive a notice of default, most lenders will give you 90 days in which to repay the missed payments and reinstate the loan. This is a good time to visit a mortgage help center to see what they advise. Prioritize payment, and put off all other bills. Call your lender to see if payment restructuring is possible. Bankruptcy can temporarily halt the foreclosure process, but not stop it or erase your obligation to pay. If you cannot cover your bills within those 90 days, a notice of trustee’s sale goes out. The property goes up for public auction, and the winner then owns the property. Former owners can be evicted once the property is sold. You will have no options left at this point, and must vacate.

3. What Will Happen if You Can’t Save Your Home from Foreclosure

In 2012, approximately 1.8 million properties in the U.S. had to file for foreclosure. You are not alone in the process, and if the worst possible outcome occurs and your home is lost, there will be opportunities to bounce back. It will effect your credit score, and your ability to obtain a mortgage for a new house; most will need to wait seven years and rebuild their credit if they want to own again. This is a good time to reflect and move forward. Visit mortgage foreclosure help centers. They can provide you with credit counseling, budgeting assistance, and home buying advice.

Do you need mortgage foreclosure help?