Tips on foreclosure

Tips for homeowners going through foreclosure or trying to avoid it:

• Talk to your lender as soon as you begin having trouble making mortgage payments to discuss possible options.

• Even after the lender files a foreclosure suit, stay in your home and maintain it. That will help increase its resale value and legally protect you.

• Try to avoid dipping into 401(k) or other retirement savings to pay the mortgage. That can result in a huge tax hit.

• Be wary of companies that offer you promises to save your home from foreclosure. Some of the businesses may be legitimate, but others are not. Don't sign any papers without first consulting an attorney or a trusted financial source.

• Talk to relatives or close friends about helping you financially. Don't feel ashamed about your foreclosure. You're certainly not alone.

• If you're hanging on to a boat, or a second vehicle you don't need, sell it. That goes for any other asset that might help you get current on your loan.