Foreclosure filings are on the rise as evidenced by the number of default notices, auction sale notices and bank repossessions. The numbers appear to be skyrocketing. However, many states are opting to give borrowers more time before losing their homes.

Strapped homeowners have very few options available to avoid foreclosure. The combination of weak housing sales, rigid mortgage lending requirements, falling home values, along with a slowing U.S. are largely the culprits. Also, many owe more than their house is worth, can't find buyers or can't refinance into an affordable loan.

Some have said that many foreclosures are ``not preventable,''. They refer to borrowers who obtained mortgages that they could not possibly afford and so they will probably lose their houses.

There is good news as lawmakers and government officials have been struggling to develop a response to soften the blow for the U.S. economy. Many are hopefully that Congress will work toward providing new, cheaper mortgages to distressed homeowners who otherwise would have major problems refinancing into more secure government-insured loans.

In the meantime, if you are facing foreclosure here are 8 things you may want to consider.

8 Ways to avoid foreclosure:

1. Analyze your financial situation. Compute how much, if anything, you will be in position to pay.
2. Call the lender. Speak with customer service and adise them of your financial situation. Be polite and forthcoming. The last thing a lender wants is to retrieve a property through foreclosure as there are costs associated with the repossession.
3. Ask if there is some way a compromise can be reached regarding payments. This measure would only be until you could sell or rent the property, and when you are in position to get back on your feet.
4. Realize that this is a temporary fix. This assumes that the lender is willing to work with you at all. And, that they will only do so for a couple of months. The goal is to make every effort to get the loan back on track (out of default) or to sell the home.
5. Make plans to remedy the situation. This can be done either through obtaining additional income (i.e. taking a second job) or selling the house (putting it on the real estate or housing market).
6. Maintain contact with the lender. Even if you are unable to keep your end of the agreement, keep the lender informed. The lender will be more apt to assist you, if you are willing to make an effort.
7. Explore the recent program called Project Lifeline. It is an important new initiative, targeted to reach not only subprime borrowers, but all 90-day delinquent homeowners nationwide. It has a step-by-step approach to find individual solutions to individual problems. The U.S. Department of the Treasury encourages all HOPE NOW servicers to adopt this new program.
8. Phone 888.955.HOPE for more information about Project Lifeline.

More tips and other helpful information can be found at HUD.

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