America has a problem. Plainly put, America has a foreclosure problem. Staggering foreclosure rates have severely affected the American economy. Across the country, millions of homeowners have lost their homes due to this devastating crisis. Families are broken up, lives have been altered, and homes are left deserted. America has a big problem.

While the blame for the crisis may be a subject of much debate and conjecture, the important issue that all Americans must focus on is the solution to the problem. In the opinion of this writer, the most vital issue regarding the foreclosure crisis is the education of the homeowner. Unfortunately, most homeowners facing foreclosure have little knowledge about foreclosure. Mortgage companies have done very little to educate homeowners about the foreclosure process.

Many homeowners have no idea how to contact the people at the mortgage company that can actually help them. Also, they are left in the dark about possible repayment options and timetables. The saddest truth about foreclosure is that many homeowners could have saved their homes from the process had they been educated by the mortgage company.

Therefore, in the short space given here, we will attempt to provide homeowners with helpful information about foreclosure proceedings.

TIMETABLE

· 30 days - The homeowner is not considered late on the mortgage until they are 30 days past due. At this point the mortgage company may attempt some random collection calls, but most times they are too busy to deal with people who are not in "serious" trouble.

· 60 days -The 60 day mark is when a homeowner is considered to "default" on the mortgage. The mortgage company may offer some more random collection calls and possibly send a letter or two. Remember, they are not obligated to do anything in most states.

· 90 day - The 90 day mark is the beginning of a very serious time. The mortgage company is now interested in foreclosing on the home. They will send the homeowner a letter that demands that the full amount due be paid or foreclosure proceedings will begin. Often, the mortgage company will put the loan into foreclosure before the letter is sent to the homeowner, resulting in a homeowner being in foreclosure but not knowing it.

· Over 90 days - Once the loan is in foreclosure, the mortgage company can schedule an auction date at anytime. Once the auction date is scheduled, the homeowner must then vacate the premises before the day that the home is auctioned off to the highest bidder or risk being escorted by local law enforcement.

OPTIONS

· Refinance - Unfortunately, homeowners facing foreclosure are not able to refinance their homes. The pending foreclosure has obviously negatively affected the credit of the homeowner that will scare away any mortgage companies interested in refinancing the loan.

· File Bankruptcy - This option should only be considered if it is the last option possible. Bankruptcy will ruin the homeowners credit for at least seven years and sometimes longer. Homeowners who file bankruptcy have almost no chance of becoming homeowners during the bankruptcy.

· Negotiate - Theoretically it is possible to negotiate with your mortgage company. Sadly, due to strict standards and an unwillingness to communicate, mortgage companies have made this option almost impossible. Most homeowners have found the mortgage companies to be impenetrable and can only deal with hassling collection agencies. In order for a homeowner to negotiate with the mortgage company, the homeowner must have a vast knowledge of foreclosure and real estate proceedings and be able to provide the mortgage company a completed 50-page workout package that has everything the mortgage company needs to negotiate with the homeowner.

· Hire Help - Many times this is the only option that is open to the homeowner. Homeowners must beware of foreclosure predators but be willing to search for help for their problems. Homeowners should not worry about up front fees but should not hire anyone who guarantees anything. Homeowners should ensure that the company is a member of the Better Business Bureau and Dun and Bradstreet. It is helpful if the company has a Reliability Partnership with the Better Business Bureau. (Meaning that the company has not unresolved complaints against them.)

Until mortgage companies become willing to assist and educate people, then homeowners must look elsewhere for education and help saving their home.

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