Mom always said that honesty is definitely the best policy and nowhere is that more true than when you're trying to prevent your home from entering foreclosure.

We've all had bad things happen to us -- divorce, medical bills, unemployment, nursing home care for elderly parents and even the unexpected death of a loved one. In today's volatile real estate market, your problems could easily relate back to a bad mortgage deal ? not reading the fine print, being seduced by an unscrupulous broker, or maybe knowingly taking a high risk gamble on an interest-only loan or an ARM that sounded like a sure thing at the time. Any one of these issues can lead you into a death spiral towards foreclosure. If you're on this highway to financial hell, here are a few ideas about what you can do to prevent the devastation that foreclosure can cause you and your family.

Number one, WHOA. At the first sign of trouble making your mortgage payment, pull in the spending reins. By doing so, you might find extra pockets of cash to ease the crunch.

Number two, KNOW. You need to know your financial facts in detail. Write everything down that you spend and all the income you have coming in. Maybe a second job for a while will help tie you over, maybe not.

Number three, GO. If there's true trouble in your personal River City, and you can't reduce your expenses and/or increase your income, promise me you'll do one thing: If it will make you feel better, take a day or two to bitch and moan and feel sorry for yourself, then suck it up and go to your lender before they come calling on you. This will vastly improve your chances of them being receptive to helping you.

Explain your situation, ask what types of plans they can offer, and be sure you understand the details. For example, are any deferred payments added on to the end of the mortgage term or do they have to be paid back on a doubled-up basis in the near future? Unfortunately, the absolute worst thing you can do is also the easiest, and that is to pull the covers over your head or stick your head in the sand, whichever paralytic metaphor floats your boat.

The bottom line: Be pro-active and take action. It may be humiliating at first, but it's a lot less humiliating than ending up in bankruptcy court or losing your home.

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