There's no denying that the "hot" real estate market of the last few years has certainly cooled off. The problem is that many homeowners and investors are now finding themselves sitting on homes they had no intention of keeping so long. Worse yet, many of these same folks are facing the "perfect storm" of The US Housing Crash - discounted prices in a Buyer's Market, rising interest rates, a shortage of first-time home buyers, and a huge glut of empty housing - even as local builders continue to flood the market!

The result: FORECLOSURES ARE UP – at an alarming pace! According to CNNMoney, "Some of the bellwether real estate market states are among the leading foreclosure markets. Florida, had more than 16,533 properties in foreclosure in August, 2006. That led all states and was 62 percent higher than [last year]."

Falling behind on your mortgage payments can happen to anyone. Even someone with a million dollar income can fall on hard times. When you consider that a job loss, divorce, bad investment, or over-leveraging your debt are the facts of life, you quickly begin to understand why we’re facing a Foreclosure marketplace that is nearly at epidemic status.

For most people, their home is their biggest asset. Yet, when homeowners fall behind in their payments or face a situation where they need to get rid of their home in a hurry, most people are in the dark when in comes to finding help. It’s a real problem and somebody’s got to do something. One of the most disturbing myths is that many homeowners believe that if they simply do nothing, the foreclosure will go away, yet that couldn’t be farther from the truth. Not only can the bank take your home with a legal foreclosure, but worse yet, if your property is worth less than the total amount you owe the bank, your lender may seek a ‘deficiency judgment’ against you. The result: you not only lose your home, but you now have this additional debt still hanging over your head – a debt that might well prevent you from buying another home anytime soon!

If you are facing foreclosure, the important thing to realize is that you are not alone and you do have options. Call your lender and explain your hardship; ask them for "workout options." If you have a HUD or FHA loan, you may have additional options. If you desire legal advice, consult an attorney. If financial advice, consider an accountant. You might also consider working with a company like Genesis Property Solutions. But the bottom line is this: whether you want to save your home or just get rid of it, if you want to avoid the significant negative ramifications of a foreclosure, you need to...TAKE ACTION NOW!