Last month, it has been reported that nearly 224,000 homeowners are going through the foreclosure process. With a 60% increase in foreclosures since last year, it is not a surprise that business sales are not doing well. We have witnessed a decrease in many stock prices, a change in consumer behavior, and an increase in price of living. There is no one "reason" to this foreclosure crisis. Many have concluded that the mortgage industry is only to be blamed. My personal reason stems from post 9-11 business activities. Consumers were not purchasing as they use to, people were afraid to leave their homes. Major firm in effort to lure more into shopping began to offer credit for purchases. I am sure we can all testify to the increase of " No Payments Until 2003, 2004, 2005" ads that began to circulate in ads. Their effort to stimulate the economy into purchasing is a classic example of "borrowing from tomorrow".

Now, I am not saying this is the sole reason for the foreclosure. I am simply providing a perspective to the foreclosure crisis. Homeowners whom participated in these are undeniably feeling the crunch, now that their mortgages have shifted with interests rates, unexpected layoff due to the poor economy, breadwinners at war, homeownership, the American Dream is under fire. With 1 out of 557 homes in United States are in foreclosure, it is clear that it is necessary that a new plan needs to be implemented to assist homeowners.

If you are currently in the process of going through foreclosure, the following information maybe of use. The following information should not replace or substitute any legal advice from your attorney.

When facing foreclosure, most homeowners have multiple options. I will try to go through each one. NEVER ABANDON YOUR PROPERTY nor create any damage to your property.

1.) First Option: Asks for Friends & Family for Loan No one likes to ask for money. Especially if we think we can "handle it before the foreclosure date". Banks do NOT like taking back properties. They too are dealing with loss in property value. Bank own properties also known as REO take too much of the banks resources. Your bank will normally be more than happy to accept simple deposit or percentage of the money owed to reinstate your mortgage. You can requests these funds from friends and family with a repayment term that is comfortable for you. It is important to read and contact your bank about the possibilities of being reinstated.

2) Request Special Forbearance: Your lender may be able to work with you in a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses.

3) Partial Claim. Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current. You may ask your lender if they offer this service and if you qualify.

4) Refinance: Refinancing your property is an alternative many homeowners have used to prevent their foreclosure. By refinancing their property, they can reduce their mortgage to a more suitable or doable monthly payment. Be weary of mortgage firms that promise rates that seem too good. "Everything that glitters is not gold".

5) Quickly Sale: Depending on the time you have before your foreclosure date, you can either hire a real estate agent in your local area or quickly sale to a real estate investor interested in your property. During the foreclosure process it is important to keep your property clean. In the event you must quickly sell your house, the last thing you would want it is to spend time cleaning. Quick sale is often a reliable option as it provides funds that can be used for another home or rent.

6) File for Bankruptcy: Not the most favorable option. You must find a local attorney to assist you with bankruptcy as the laws for foreclosure prevention varies in all states.

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