The loose credit of the early part of this century is haunting us as many people with poor credit were offered mortgages and now millions of them have faced or will be facing foreclosure.

This kind of easy credit seemed the ideal path to the dream of a home of one’s own, with little to no down payment and low (even if only temporarily) interest rates.

Now, loans inflated by the issue that there was no equity put into the mortgage and that home prices are now falling drastically, are becoming the American Nightmare.

Interest rates close to 10% meant mortgage payments of over $2,000 on homes that cost only $200,000. At these rates, and the high loan balances because of no down payment, even tiny increases could increase the mortgage payment by as much as 20%. Re- financing is out of the question since credit conditions have tightened and home values have fallen. (The home loan balance is higher than the value of the home.)

Can these homeowners find a way out? There are some federal programs being considered that may help, but homeowners have to look into what they can do.

The most important advice you can receive is not to ignore the issue. As soon as a homeowner realizes he will have a problem with this month’s payment, he should get in touch with his lender. Illness or a loss of work will almost force the bank to work out a payment plan for you, but if you have just been foolish with your budget, don’t expect too much sympathy.

Get in touch with a counselor. There are counselors who have been chosen by the Department of Housing and Urban Development to work with home owners to give them advice in these circumstances.

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Discover if you may be a candidate for assistance. There is a new program for low income families that will allowthem to switch to a 30 year fixed rate home loan (as long as they were current on their original mortgage before the ARM rate increased.)

There are some more drastic solutions, but, depending upon the circumstances, some homeowners may consider them.

Sell your home. This is probably far from the best time to sell your house, but some banks may take the proceeds of the sale in full settlement. This is a better solution for them over time than foreclosure.

Choose bankruptcy. This last solution is not at all attractive, since it will have a negative effect on your life for many years. Your credit, already bad, will be worsened further, but if it is the only answer, you may be able to consolidate debt and even have some of it forgiven in some cases.

Solutions do exist, but not if the homeowner waits for them to come to him; aggressively addressing the problem may be the only way to avoid losing your home to foreclosure.

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