Foreclosure can be a tough experience to face as a homeowner. The subprime situation is hitting critical mass and as a former loan officer I was at ground zero when things hit the fan and man did it stink.

I am not here to point fingers (there has been enough of that already) every body is looking for a scapegoat. The Homeowners blame the brokers for pushing a risky product the brokers blame the banks and lenders for making the guidelines so lax, and the banks and lenders blame the homeowners for not understanding the products they bought into, and the homeowners...well you know back to square one.

The homeowners are the ones that came out with the short end of the stick on this one, for a few reasons. First the money that the banks are crying about losing is a tax write off, (cost of business) all those mortgages that went belly up actually lowers their taxable income.

And If you believe that the rate freeze proposed by Mr. Bush and Mr. Paulson are designed to help you the homeowner, then you are mistaken. The rate freeze essentially comes out to be a government fall out shelter for the banks.

The plan was designed to bail out the banks and the lending institutions. If you want out it is going to be up to you.

Right now everybody is running for cover and the rule of the banks and lending institutions right now is CYA. And if you want to get out of this with at least some of the equity that you have built up, your credit rating not trashed or at least breaking even so you don't owe the bank anymore then you are already indebted. They my friend you may want to CYA (Cover Your Asset)

Here are a few things you can do when facing foreclosure to help you CYA.

The first thing and I cannot stress this enough is ACT FAST (yes I am yelling at you). Time is not on your side, I have seen many people lose there home that had other options but waited until the 25th hour to ask for help or research what options they had.

When you first started having difficulties is the time to act, the sooner the better.

You should start researching your solutions right away, and negotiating with your bank ASAP.

Remember the banks and lenders are not in the real estate business, they want their money, they don't really want to take your house (they will though) because it counts as a loss to them, but they do just write it off.

Don't be afraid to negotiate with the bank, believe me they do want your money.

Before negotiating with the bank have an idea of the results that you are looking for.

If you are planning to keep the property you should make sure that is a viable option.

You must be realistic. If you cannot afford to stay in the house you may need to downgrade. That will be a lot easier if you can retain some of your equity or if you can come out of the situation not owing the bank more money.

Know your options. Options for foreclosures include short sales, which is where the bank agrees to sell your house for less then what is owed. Lease and buy back where you sell your home to an investor who gives you a lease and when you clear up your credit and your finances, you buy it back. And if you have the equity and a decent score you can refinance.

And of course you must do your homework. Be aware of all of your options before deciding which one is for you. If you are still unaware or unwilling to do it yourself then seek professional help.

I wish you lots of luck in this difficult time and hope you see your way out of this situation.

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