As the number of Americans facing foreclosure of their homes, manycould be saved if only they understood the processs more. Here are some tips to protect your home.

1. Don’t ignore your mortgage problem – If you are unable to pay your mortage, dont hide from your lender. Call them and try to work out a plan to keep you current and in the home. If your lender is unwilling to speak work with you then visit a housing counseling agency. Many times these services are offered through your municipality.

2. Know the terms of your mortgage – Oftentimes homeowners are unaware of the type of mortgage they have, let alone the terms. Keep all mortgage closing documents close by when talking with your lender.

3. Know Your Options – When faced with the inability to pay the mortgage, the homeowner has a plethora of options. From selling the home, mortgage modification to taking in a tenant; speaking with a variety of real estate professionals can give you some ideas to as to the plausibilityof your options. Also consider how you can cut back on monthly expense…including having your hazard insurance policy shopped for a cheaper rate and having your home reassess to possibly lower porperty taxes. And if you are considering bankruptcy be sure to speak with a few attorneys before making any final decisions.

4. Beware of foreclosure scams – Negotiating a modified mortgage or short sale while the stress of losing your home looms over your head is not easy. However, don’t fall victim to scam artists that will request up front fees to “fix” your problem. There are some good housing counseling companies that have well serviced their clients, but talk with several referred real estate professionals as well as the various local goverment housing assistance departments and you may save yourself time and money. If you feel you have been preyed upon by a “foreclosure prevention” company, contact you State’s Attorney General’s office and the Federal Trade Commission immediately.

5. Know Your Ability and Live to It – Whatever plan you are able to work with the mortgage company should reflect your input on not what you think the mortgage company wants to hear, but what you can realistically afford and consistently pay. The banks would rather get regular lower payments than a few sporadic larger payments. And by all means, stick to the plan worked with the mortgage company.