In our local area, each Saturday the newspaper advertises the foreclosures for one month prior to a property being foreclosed on by the lending institution or individual holding the mortgage.  This Saturday’s paper had 22 columns of foreclosures noted in our relatively small area! 

In pondering this unsettling number of individuals and families in the throes of going through the process of potentially losing their homes, I wonder what could have been done to avoid this dilemma.  A few thoughts come to mind.

• When a homeowner initially is feeling the pinch due to a change in income, sickness, or just plain overextension, a call or visit to their lending institution is in order to discuss alternatives.  Certainly banks do not want to repossess homes!
• If the home has been on the market for sale without success, an inquiry as to whether the lending institution would entertain accepting a short sale payoff would be appropriate.
• Particularly if the property is a 2^nd home or investment property, would renting it out be feasible? Even if the rental income would not completely cover the mortgage and other expenses, would it curb the hemorrhage and allow for appreciation and more gain at a later date?

Our area is experiencing a lot of growth all over the county---islands and mainland----and we all know this slump is only temporary.  It pains me to see families lose their investment and experience the damage to their future borrowing power if something could be done to circumvent it.  Hard times are times that call for exploring every avenue to avoid the loss of a property.