According to and article published by The Associated Press; the number of foreclosure filings reported in the United States last month jumped 93 percent from July 2006 and rose 9 percent from June. (Associated Press ? Wednesday, August 22nd, 2007 - The Plain Dealer).

For homeowners facing the threat of foreclosure, this can be a very stressful time.

There are days when you don't sleep because you are not sure whether the sheriff will be knocking on your door. I?ve experienced it. Real Estate investors knocking on your door or calling at all hours of the night trying to give you a deal on purchasing your property for pennies on the dollar.

My husband's sister lost her home because of misinformation. Her house was paid in full. She decided to take out a mortgage to help with bills, etc. When she could not keep up with the mortgage payment the bank started pre-foreclosure proceeding. Her house was in pre-foreclosure and an investor told her that she could help. My sister-in-law sold the property to the investor for the half of what it was worth. The investor offered my sister-in-law the option of renting the house for $1400 per month. My sister-in-law is on disability so she knew she would not be able to afford the month payments. She struggled. Within 6 months my sister-in-law defaulted on the rental agreement and she was forced to leave her home. We only found out about it after everything was done. My sister-in-law never said anything.

There are unscrupulous individuals out there who are simply looking to make a few extra dollars off of your situation. Education on your rights as a home owner and what you can do to when faced with foreclosure is extremely important.

Below are a few options you may want to consider before giving up your home:

1. If you are less than 3 months in default you may be able to contact your lender and work out a payment plan.

2. Consider a deferment of your monthly payment if it's not too late. Some banks are willing to work with you.

3. You may be able to add the balance owed to the end of your loan. This will increase your monthly payment.

4. You can sell your property to a close friend who you can trust. Work out an arrangement to lease option your house until your income is stable. This will allow you the ability to get back on your feet and regroup. Whatever the agreement stick with the payment plan and don't default.

5. Consider a Chapter 13 Bankruptcy if you want to keep the property. In most case a Chapter 13 bankruptcy filing will stop a foreclosure. Don't wait until the sale date of your home to file. It will be too late. Make the decision immediately. Contact a lawyer in your area immediately that specialized in bankruptcy filing.

6. Contact the Housing and Urban Development for an approved listing of counseling agencies that can point you in the right direction. Call (800) 569-4287.

7. Quick Sale. - You can sell your home while in foreclosure. If you have enough equity in your home you can pay off the mortgage in full, keep your credit rating in the event you decide to purchase another home at a later date.

8. You can turn the home back over to the bank and your mortgage holder agrees to release you from the mortgage debt. You are not responsible for paying the debt owned on the home and your mortgage company avoids any additional legal fees associated with the foreclosure.

Remember, don't feel embarrassed or ashamed. Bad things happen to good people. Do some research and educate yourself on your rights as a home owner.

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