Major news services recently reported that mortgage foreclosures have increased as much as 62% over last year. They are also stating the worse is yet to come and there will not be a soft landing for the housing crisis. These numbers are staggering, frightening, and will have a direct effect on our countries economy for years to come.

What steps can you take immediately to avoid foreclosure if you have had the misfortune of getting swept up in this dilemma? There are several options to explore and there may be a silver lining behind this cloud besides. In fact, by being proactive you might be pleasantly surprised at how mortgage lenders are willing to listen and work with you, or your appointed representative, to resolve this matter.

Talk to Your Lender

Once you have missed that first mortgage payment, depending on your home state, you have 30-120 days before your mortgage is declared in default. Your best course of action is to immediately talk to your lender and explain your current financial situation. Most lenders provide home foreclosure help to homeowners who are willing to work out the problem. Your lender could accept a delay in your payment without even asking you to pay a penalty fee.

If your immediate financial troubles are just too overwhelming, you can ask your lender for either loan re-structuring or re-financing. If you are not expecting any improvement on your finances in the near future re-structuring might be a better option. If your financial woes are temporary re-financing, on the other hand, will be best your best option.

Another option you can discuss with your lender is to hand over your deed in lieu of foreclosure. This leaves you without a home but your credit history is intact with no foreclosure record. For some homeowners, this is enough.

Look for a Reputable Realtor

If you feel your options for negotiating directly with the lender are not feasible the best solution may be to sell your home. A reputable realtor can provide you with the home foreclosure help you need. Locating the right realtor is another matter entirely. You can ask friends and family for referrals to avoid being preyed upon by unscrupulous realtors. A word of caution is in order here. If you are seriously considering this course of action it may be prudent to first take a hard look at the housing market where you live. How many homes are listed for sale in your area? Drive around and see for yourself. Call some of the realtors listed on the "For Sale" signs or in the local classified ads. Ask the ones listing homes in your neighborhood how long the properties have been on the market. Ask what price range the homes are selling for.

The reason for these inquiries is to give you some idea as to the time it might take to sell your home. If you are satisfied with the answers from your research then proceed with all haste and try to sell your home to stop foreclosure. Just remember the clock is ticking and time is working against you.

A professional realtor can ease some of your worries. Ideally they can help you sell your house within the time you have at the price you want. With this option, you may recover some equity you might have on your home and avoid the consequences of having a foreclosure on your credit history.

Hire A Reputable Foreclosure Prevention Service

The main argument for hiring a company to help you stop foreclosure is the looming deadline. Time is not on your side in this instance. Another valid reason is their expertise in dealing with this issue on a daily basis. They have the resources, experience, and support networks in place to call into action at a moments notice.

Legitimate foreclosure prevention services:

• Are willing to offer a free initial consultation and go over your unique situation.

• Make it clear you have no obligation to them.

• Are willing to explain what your foreclosure prevention options are.

• Are honest about their foreclosure prevention success rates, and make no guarantees of being 100% successful.

• Are registered with the Better Business Bureau and have a proven track record of consumer satisfaction.

Looking for home foreclosure help is not so bad as long as you understand there is a way out of this mess. When facing foreclosure, try to think objectively and calmly. Losing your head over the possibility of losing your home will not make things any better.