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Lawmakers nationwide are debating on which new laws will most help foreclosure victims. Many different solutions have been presented, such as stopping foreclosures completely for one year, or placing more regulations on subprime mortgage lending. However, once a decision is finally made, there is no guarantee that it will even help existing foreclosure victims. Many laws being recommended are to prevent future foreclosures and will offer no direct relief to homeowners currently in foreclosure.

If you are facing foreclosure and need help to stop the process before running out of time, you can and should take things into your own hands as soon as possible, or find help outside of new laws or government programs. Since the new laws may not even take effect for months and government programs can take years to provide assistance, you should search for other options to save your property before the bank has it auctioned off while you are waiting for a government solution that never comes.

Besides the obvious options of a foreclosure refinance or a hard money loan to pay the arrears, there are many other options that can help save your home from foreclosure. One of the most utilized methods is a loan modification or loan workout plan. A loan workout program is when the lender allows a fixed period of time for you to pay back the arrears and get current on the mortgage again. In most cases, you will pay the normal payment amount, plus an extra amount that is applied to the amount you fell behind, plus the bank's extra interests and late fees. A loan modification is when the term of the loan and/or the interest rate is adjusted to make the payment more affordable. Modifying the terms of the mortgage this way, in many cases, is very similar to a refinance, because you can get a new lower rate and a new term for your loan.

Another option, that is only available when predatory lending has taken place, is to eliminate the arrears and begin the loan again, as if it were a brand new loan. This can happen when the lender wrote a fraudulent loan in the first place. There are many more cases coming out during the subprime mortgage meltdown where the lender is forced to forgive 100% of the arrears and begin a new loan with an affordable payment. This is a very new process and very few assistance companies are offering this type of process to help homeowners in foreclosure, but it has been very successful and has saved many homes when it has been used in the past.

If you are facing foreclosure or you are in danger of missing future payments, it is important to stay in communication with your lender and seek help from a trained and qualified professional immediately. Many local governments provide taxpayer-funded help and mortgage and real estate professionals can provide their assistance services at a very reasonable cost. The most important thing is that you do not waste valuable time and you get the help you need today.

The ForeclosureFish website has been created to provide homeowners in danger of losing their houses with help and advice they can use to avoid foreclosure before it is too late. The site describes various methods that may be used to save a home, such as loan modification, foreclosure refinancing, short sales, bankruptcy, and more. Visit the site to read more articles about how foreclosure works and how the process may be avoided before it is too late: http://www.foreclosurefish.net/