According to a recent report from RealtyTrac, one of every 138 homes in the US were in in jeopardy of being foreclosed on during the first quarter. More than 932,000 homes were in one phase of the foreclosure process or another, 7 percent higher than the previous quarter and 16 percent more than 2009's first quarter. With so many homeowners in jeopardy, it pays to understand the process involved. While small variations in the process exist in different states, there are 6 basic steps involved in a foreclosure. Here's theforeclosure process in six steps.