The foreclosure boom is hitting all cities hard. With thousands of homes in crisis, there seems no end to this national problem. If your home is facing foreclosure, then take note of the following solutions.

First, notify your mortgage lender of your financial crisis immediately. Believe it or not, your lender doesn't want you home. They rather you keep your home instead of foreclosing on it. This is because the foreclosure process is way more costly than a modification.

On that note, consider a mortgage modification. Be aware, however, that this process can take from 90 days to a year to finalize. During this time frame, just be sure to keep track of everything: all paperwork and a documentation of all conversations, including the person's name who assists you, their phone and fax numbers; employee id, and email address. Prior to this, state in writing what caused your income to change as well as details of all your monthly expenses. This should be given to your mortgage lender.

Another option is to ask your lender to lower your monthly payments by changing the terms of your loan. This could mean a lower interest rate. Don't despair if they say no, for you have other options such as forbearance.

Forbearance is a written agreement that allows you to make reduced payments during a short time period. You're not expected to make regular payments during the forbearance. At the end of this period, a new repayment plan begins.

Mortgage extension is another option that can help you avoid foreclosure. This is best in the worst case you've taken a pay cut or lost your job. A mortgage extension is intended for short term delinquencies. Contact a HUD housing counselor at www.hud.gov for assistance.

There's additional government help available. Government programs such as the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) can aid you when your lender has denied you. And best, getting assistance from one of these programs can stop the foreclosure process - given that payments are being made.

Finally, think about a short sale. A short sale deals with selling your property at a moderate loss. It altogether avoids the hefty fees and poor credit ratings associated with foreclosure. However, you may still bear the burden of paying the loan's remaining balance. So, this should be your very last option.

Don't let your mortgage lender take action on you. You act first. Even in the face of this adversity, never stop fighting for your number one investment: your home.