Foreclosure is sadly, not as uncommon as it was in years past. The influx of ARM's and zero down financing and refinancing has put many a homeowner into this financial situation.
There is help out there for families facing foreclosure. The Foreclosure Prevention Hotline is an initiative to help those experiencing issues with their mortgages.
This is a service being managed by the Homeownership Preservation Foundation and employs 4 different credit counseling agencies to provide free counseling for consumers--all are HUD certified and have been trained in housing and credit counseling. The counselors can also act as a facilitator between the
consumer and the lender.
For additional information call 1-888-995-HOPE or check out their informative website at http://www.hpfonline.org