Escalating foreclosure rates are a sad indicator of the condition of our economy. A piece published January 9, 2009 in the online Wall Street Journal stated that one in 10 homeowners, about 4.6 million people, are either late on their mortgage payments or are in the process of foreclosure. That means 10 percent of US citizens who own their own home are struggling with this issue and either have or are at risk of having foreclosure problems.

As an individual, what can you do about saving your home from foreclosure? What specific steps can you take to ensure the safety of your family and maintain your dignity? Here are some things you can do to ensure that you weather these tough economic times and emerge from the crunch without your home being lost to foreclosure.

Start with the practical – eliminate frivolous spending. If you are struggling to make your bills, whether it be your mortgage, rent, electric bill, etc., then you seriously need to look at where you can cut back. Most of us do not want to take the time to look at where we could cut back. Many times it is our favorite distraction that could save us the most money.

What if it means the difference between loosing your home to foreclosure and watching your favorite show on cable, the choice to let it go for a while should not be all that difficult. By reducing expenses that are not truly necessary you may be able to do away with any negative discrepancy between your income and expenses and keep you from needing foreclosure help.

Talk to your creditors

Okay, you have already reduced your budget in every way conceivable and you still are unable to make your payments. Talk to your creditors. Inform them of what is going on and that you WANT to do the right thing. It may surprise you at what concessions a lender is willing to make when you speak with them openly. Credit Card companies will often reduce your minimum monthly payment. Mortgage lenders can make a loan modification that can make your mortgage terms more affordable.

Contact a foreclosure specialist

Sometimes all we need is a little help. If you have not been able to work anything out with your mortgage company then you probably need a professional to help you. A foreclosure specialist can look at your case and determine whether or not they can help you. An honest company will give you a money back guarantee and all of the negotiations will be conducted by a qualified attorney. Foreclosure specialist do charge a fee but since you need to stop foreclosure fast and you will choose one that gives a money back guarantee a fee will not be a problem, considering the alternative.

Do not hide from the problem or waste time

If you are in a financial bind, with the threat of foreclosure looming over you, the worst thing you can do is to hide from the problem and wish that it will go away. You have to address your financial situation and the longer you put it off the greater the chances you will get so far behind there is no way out for you. In the economic condition we live in foreclosure is a real problem and possibility for those struggling with mortgage payments. Time is critical and you must take action now to protect your assets, your family and your security.

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