You aren't a bad person, and sometimes, events in your life can make it hard to make payments on time. You don't want to lose your house, but if a foreclosure is looming, you may be worried that you have no other choice. Fortunately, there are some options out there, but if you do go through a foreclosure, that doesn't mean there is no hope for your financial future.
Foreclosures can impact your credit rating significantly. Lenders typically view a foreclosure very negatively, which means it can be difficult to get a new home loan or other kind of financing. Each lender is different, and some may still approve you, but your interest rate may be high. A foreclosure on your record typically makes it hard to obtain good rates for credit, but a single foreclosure isn't necessarily enough to destroy your credit rating.