With the collapse of the housing bubble, once middle class and reasonably wealthy people are finding themselves on the verge of bankruptcy! Unfortunately, these individuals most likely had improperly address debt issues for many years. Among other things, high interest credit cards, car loans, student loans, and refinancing loans all contribute to a one way trip to foreclosure. 

Even though there have not been any drastic changes in foreclosure laws, the alterations to bankruptcy laws virtually guaranteed that millions of Americans would face financial collapse within five years. While it may be possible to make a repayment plan on bad debt credit cards, it is often impossible to do the same when it comes to a mortgage. 

For people at risk of foreclosure, you may still be able to use your credit cards to obtain short term foreclosure help. Essentially, you will be translating your secured debt back into unsecured debt. While this will drive your interest rates up, it will also buy you some time. Considering the way the economy is going, time is one of the most important tools that you can gain.    

Without a question, as the housing glut gets worse, it will be harder for lenders to foreclose and still make a profit on the resale of your home. In addition, there are a number of government plans becoming available to help people that are about to be foreclosed on. As time passes, you may even learn civil and criminal proceedings against mortgage companies that misled the public. This can also help you save your home.