The rot continues in foreclosure with insiders not expecting a turnaround anytime soon. Hundreds of thousands of ex-homeowners today are foreclosure casualties of the current real-estate meltdown. Some had not resisted but the majority did try but failed to stop foreclosure because the odds were stacked against them. Things are different today and there is every chance that a foreclosure can be averted.

It is nevertheless a daunting task to stop a foreclosure in the wake of the housing market instability and credit squeeze. That is why the whole exercise must start with a concerted evaluation of the entire financial situation of the threatened homeowner. It may even turn out to be more desirable to forgo the subject property. For or against foreclosure, it is critical that you come out of it in the best possible terms as it will have undeniable bearing on your financial standing thereon.

The decision to fight or let must be based on methodical and comprehensive evaluation of all options that are available at this point. Fortunately, help is found all around and extensive information on foreclosure rescue and mitigation programs is readily available: lender negotiation, relief program, alternative funding and refinancing, disaster benefits, scam artists and predatory lenders, financial advice and counseling, respite service and so forth.

As soon as it is decided on which direction to go, the homeowner must move swiftly especially if the choice is to confront and counter the foreclosure. A day of inaction in the fight to stop a foreclosure is a day lost into thin air but don?t overreact and jump the gun instead. The two basic approaches to avert foreclosure are DIY (do-it-yourself) or third-party specialists. DIY is enriching but testing while specialists is convenient but cost money.

It's quite common for affected homeowners to adopt a mixture of both approaches. In any case, it should be fundamentally along the line of the following steps: -The homeowner occupies the central role and calls the shots. -Take precautions against scams and predatory lenders. -Explore all available options even if chances of eligibility appear remote. -Remain targeted and single-minded.

The internet and other media are flush with information to help you do that. There are also many guides and handbooks retailing very competitively to initiate the layman to stop foreclosure.

We're far from out of the woods but there are signs of things going on the mend. Both consumer confidence (Conference Board, June 2008) and home prices (S&P/Case-Shiller, May 2008) registered month-on-month improvement in their respective latest reports. Topping it off, the Housing and Economic Recovery Act 2008 has been passed. It will help 400,000 homeowners avert foreclosure with a $3.9 billion bill and $300 billion in federal guarantees.