HELP IS OUT THERE

Don't default on the dream

The mortgage foreclosure crisis, fueled by years of unchecked predatory lending practices and a speculative bubble in real estate prices, has resulted in a disaster for millions of America's homeowners.

Defaulting on the Dream, a new report by the Pew Charitable Trusts, projects that one in 33 current U.S. homeowners may be headed toward foreclosure in the coming years because of subprime loans.

Here's how you can help yourself or someone you know in need:

Don't ignore the problem. Contact your lender immediately. The more you put things off, the harder it will be to set things right.

Open and respond to all mail from your lender. They really don't want your house. First notices offer information about how to prevent foreclosures that could help you weather the storm.

Know your rights. Loan documents lay out what actions the lender can or cannot take in case of nonpayment. Check foreclosure laws in your state, too, by contacting your state government housing office.

Talk to a housing counselor. Union members can get help from Union Plus Save My Home Hotline at 1-866-490-5361. Some UAW members can get help through their contractual benefit of pre-paid legal services. Non-union members can find a HUD-approved housing counselor by calling 1-800-569-4287 or TTY 1-800-877-8339.

Watch out for scams. Any company or individual that promises to stop your foreclosure immediately if you sign a document appointing them to act on your behalf could be taking over your property and making you a renter in your own house. Check with a certified housing counselor (see above) for professional advice. Even a legitimate business could charge you a hefty fee for information and services a HUD counselor can provide you for free.