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Three out of four borrowers who enter the foreclosure process leave it through something other than a forced foreclosure sale or auction. They bring their loans up to date through payment arrangements worked out with the lien holders; they refinance their homes, or they sell them to stop foreclosure.

Main Causes of Foreclosure

Job loss - The Midwest has seen an increase in foreclosures in recent years due to the loss of manufacturing jobs; hardest hit are Michigan, Indiana and Ohio.

Natural disasters - Homeowners are still feeling the effects of Hurricane Katrina, which has contributed to rising foreclosure rates in Mississippi and Louisiana.

An all too familiar site continues on courthouse steps across the state of Virginia as homes in foreclosure continue to go on the auction block. Earlier this month it was reported that foreclosure filings in Virginia have increased more then 300 percent this past July over the same time period of last year.

The report stated that 1,959 foreclosure filings were reported in Virginia during July alone. According to RealtyTrac the state of Virginia is currently averaging one in every 1,621 households, is in foreclosure. When compared to other states Virginia came in 21st place.