Unless you have been living under a rock, you should know that the real estate industry is in turmoil as adjustable and hybrid mortgages reset interest rates. The resulting increase in monthly payments is pushing a sizeable group of homeowners into foreclosure.

Foreclosure is a unique financial threat because you can typically see it coming down the road. This is not a situation where a stock crashes one day while you are on vacation. Given the foreshadowing of mortgage doom, you can implement strategies to deal with the problem.

The first thing to do is take a deep breath. Millions are facing the same situation you are, so don't feel like you're the only person having difficulties. There are ways to deal with it. The key is not to ignore the problem. Instead, you must affirmatively act.

An initial step is to determine the price of your home. Everything revolves around this number. Just because home prices in general are pulling back does not necessarily mean your neighborhood and home is feeling the same impact. Alternatively, a downward trend in home values for the area is something you want to know as well.

You next step is to evaluate your financial situation. If you can't meet the new payments or are going to have problems, are you in a position to refinance to a better payment? Many people blow past this option to their detriment. Lenders offer different rates and different programs, so explore them.

If you can't refinance and can't make the payments, you are not in a good situation. The simplest thing to do is objectively accept this fact and then take a painful, but necessary step - sell. Most people have emotional attachments to their homes, which is understandable. Foreclosure is a credit killer, so you need to be able to objectively back away from the situation and make the decision to sell if it is necessary to avoid foreclosure.

Okay, what about the worst case scenario? You know. You don't have enough equity to sell and you can't make the payments. You first move in this situation is to call the lender. You're not going to be able to hide the problem from them, so bring it front and center.

Will they give you a forbearance of six months to a year on making payments? You can save up money during this period to make future payments. This essentially lets you buy time in the hope the market will rebound and your home will appreciate to a point where you can refinance or sell it.

Your lender should be in agreement with you on one thing. They don't want to take back your property and you don't want to lose it. Since you both have the same thing in mind, some solution should present itself. Foreclosure is the last thing you want to happen, so take action to avoid it.

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