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The government has taken a step to help ease the housing crisis the nation is experiencing today by bringing 30-year mortgage rates down to 4.5 percent. However, this would only be applicable to individuals planning of investing on a new home. Such a scheme can never address the already existing homeowners who are drowning in their mortgages. Neither is it addressing foreclosures at its roots.

The Treasury Department, in the person of Secretary Hank Paulson, has granted over a trillion dollars worth bailout plans for investment firms such as Wall Street and other banking institutions considered major. However, instead of using the amount to lend borrowers, lenders have been keeping the fund rendering it useless. This does not post any form of support to the many troubled homeowners with nearly or even already foreclosed properties.

Experts say the 4.5 percent rate change could attract more interested buyers the housing markets. With this influx in borrowers, home pricing may be brought to a stabilized state. Yet, with the great number of troubled homeowners already existing, the sales activity from the rate change may not be sufficient to overcome the messy situation.

Another posting threat to an increase in foreclosures is the increasing number of job losses. From September to November, the rate of jobless individuals, has already reached 12.8 percent, including laid-off workers and those without a permanent job or just having part-time jobs. The growing percentage of unemployment pre-empts more homeowners having to end up with foreclosures due to lack of source of income to cover for mortgages.

In order to win this battle against foreclosures, FDIC Chair Sheila Bair has proposed some ways that could be taken. First, lenders may help homeowners by modifying interest rates, even the principal, so that monthly payments may be reduced and become relatively more affordable. Another is for the government to refinance, with the help of Federal Housing Association, after acquiring at-risk mortgages. An idea Federal Reserve Chairman Ben Barnanke still opposes saying the solution to this problem does not just take helping those in need.

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There is no doubt that the number of borrowers facing foreclosures has increased over the years. Proof of this is the overwhelming response that a non-profit group based in Seattle has received.

Solid Ground, a non-profit agency, aims to help borrowers to manage the ins and outs in foreclosure properties. The organization provides assistance to borrowers who have accounts nearing foreclosures.

However, the help that the organization aims to give might be delayed. Solid group reported that there was a 50% increase in the number of calls and queries that they receive. The cutting of federal funds for the operation of the organization does not make their work easier. It is just fitting to say that the organization has their hands very full.

The increase in queries can be linked to the increasing number of foreclosure homes. Solid Ground Program Manager Donna Dziak said that people facing foreclosures are likely to not know what to do. She observed that most of the people they helped do not have an idea of what will happen if their properties were foreclosed.

Meanwhile, Erin Reardon, a mortgage counselor at the said organization, stated that they have received an average of 55 queries last week. If the current trend in foreclosure properties will be taken into the picture, the organization believes that the calls will surely increase, if not double, in the coming weeks.

With that being said, the organization is hoping to have more volunteers to handle the overwhelming load. However, not everybody is welcome to serve in the organization. To make sure that volunteers can really provide help, Solid Ground needs volunteers who have a background in the mortgage and finance industry.

Those who are currently employed in mortgage companies will not qualify as they will only have conflict of interests. The organization is, instead, eyeing retirees from the mortgage business.

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Although there are literally thousands of troubled borrowers losing their homes to foreclosure everyday, being in the same boat will still be devastating. For this reason, it is vital that you do everything possible in order to avoid foreclosure.

Being on the brink of foreclosure will surely make you panic. But you must refrain from doing so if you are serious about stopping foreclosure. The first step involves facing reality and accepting your situation. Again, if you simply deny the fact that you have a serious mortgage problem, you will certainly have difficulties seeing the big picture.

The next logical step is weighing your options. After careful assessment of your financial situation, you will come to the decision whether or not you can afford to keep your home. At this point, it is quite important to speak with your lender. The possibility of your lender agreeing to a loan modification is greater if you show them that you are sincere with your efforts to meet your mortgage obligations. If you like, you can seek the help of a foreclosure counselor to mediate the negotiations.

If the negotiations between you and your lender come to a halt, it might be time to consider other solutions that will help you avoid foreclosure. You might want to consider Re-financing, a Short Sale or a Deed in Lieu of Foreclosure.

On the other hand, you might want to consider selling the distressed home immediately especially if you think that you can no longer keep up with your mortgage payments. Right now, a lot of home buyers and real estate investors are on the look out for pre-foreclosure properties and you might be surprised with the healthy level of interest your “for sale” sign will generate.

Always remember that when foreclosure knocks on your door, you should not hide from it. If you do, you will lose the chance of avoiding a foreclosure entry on your credit record.

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