Homeowners who decide to leave their home when facing foreclosure are faced with a difficult set e of choices to make. Although their monthly mortgage payment may have gone up substantially or even doubled due to an adjustable rate loan, an expensive housing payment can seem like quite a deal to some of the alternatives.

Obviously, becoming homeless or living in the car is the least desirable option for most families losing their home; thankfully it is also the least common result. Although a tragic number of homeowners will have nowhere else to go, many will end up with friends or family, living in hotels, or moving their personal items, and sometimes themselves, into storage containers. For these newly homeless families, communities can come together to provide assistance.

But each of the alternatives to finding a way to stop foreclosure provides mordifficulties than they solve, in most cases. Families are hurting all over the country right now, with rising food and gas prices, not to mention ever more people seeing their mortgage payments increase. Taking in another person who has lost a home can create a significant drag on a household's budget, especially if the foreclosure was caused by a permanent loss of income or medical disability.

But living in hotels while a long-term solution to foreclosure is sought is also a poor choice. Homeowners who have difficulty affording their mortgage will find it nearly impossible to keep up with the daily room rate of many hotels, which have been increasing prices along with the rest of the economy. Rooms in brand name hotels can now cost $120-$200 a night, depending on the area. Furthermore, it is impossible to maintain a normal life while living in hotels, with housekeeping every morning and daily checkout times to interfere with the functions of everyday life.

There have been recent stories of people who lost a home to foreclosure moving many of their large personal items into storage units. A small number of families have also moved in right along with their furniture, appliances, and other belongings, creating makeshift homes. While this may present a short-term solution for people with nowhere else to go, missing a payment for the monthly storage unit rental will result in the family's items being auctioned off.

Unfortunately, it seems as if most of the options for homeowners after foreclosure are somewhat poor alternatives to living in a home or apartment. The larger than usual foreclosure rates are pushing more people into apartments, which are helping push up monthly lease payments. This is another factor to be weighed when deciding to leave a home in foreclosure, as the cost of a rental may not be substantially lower than paying the mortgage, even considering an ARM increase.

Obviously, it is too bad that every homeowner does not utilize all of their options to stop foreclosure, or they have experienced such a destructive financial hardship that there is no choice but to leave the house or face eviction. As the demand for alternatives to houses increases, so will the prices for these alternatives, despite recession. In fact, the current downturn in the economy and the actions of the government and the Federal Reserve have all but guaranteed this will be an inflationary recession, with rising prices regardless of lower or higher demand.

Homeowners, therefore, need to consider attempting every solution available to them to save their homes. Even if they are sure they can not stay in the house for the long term, they should bargain with the bank for more time to move out and save up money to cover future housing costs. Banks are often willing to cut homeowners some slack if they are pursuing alternatives to foreclosure, and families may come across some solution that will allow them to avoid eviction. Giving up too soon is a mistake, and the alternatives to paying an expensive mortgage may be even more expensive and result in further loss of life and property.

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