Foreclosure is the process where by the lender recovers the unpaid amount from the borrower by taking the property in his possession, or by selling off the property. There are millions of such properties all over the county that are facing foreclosure, and day by day the properties included in the foreclosure listings.

In fact in recent years the wave of foreclosure has grappled almost every part of the country. However, areas of California and the Midwest are severely affected due to foreclosure. In fact the data published by CNNmoney.com revealed that various areas of Midwest in particular were amongst the top 500 areas having a very high foreclosure rate.

There are several reasons to why several properties are facing foreclosures. Huge amount of subprime lending, rising interest rate, declining home price are some of the reasons that has led several household in the city face foreclosure. Amongst the several cause for foreclosures, subprime lending has emerged as the major cause.

According to the projections made by the Center for Responsible Learning around 20% of subprime borrowers of the years 2005 and 2006 will be facing foreclosure in years to come. This in turn means that around 2.2 million people will loose their homes.

Facing foreclosure is certainly devastating as one not only looses their property but also their credit and the process is certainly humiliating. So what are the options available for individuals facing foreclosure? In this context there are several options available for such people. Borrowers can work out with lenders so as to develop several alternative options for foreclosure. One can go in for changing the terms of the loan and thus adjusting the period of repayment or one can adjust the interest rate etc.

However, in case where it is just not possible for the borrower to keep the property, short sale is a good option. Many real estate experts are of the opinion that short sales can certainly prove to be of great help for people facing foreclosure. In this process the lender allows the borrower to sell off the property so as to recover a part of the total value of the loan, while the remaining value is generally waived off. With the downfall in real estate market, rise in adjustable loans coupled with difficulty in obtaining 100% financing the extent of short sale is on a rise.

Foreclosure can happen to anyone. However for those facing foreclosure, it?s not the end of the world and there are several people who can prove to be of great help in handling the situation. In this context real estate lawyers can prove to be of great help as they will be able to provide solution for those facing foreclosures.

With the help of a lawyer one can file for a bankruptcy, which might help to delay the process of foreclosure as much as possible. This is possible through filing of Chapter 7 bankruptcy. Besides this filing for Chapter 13 bankruptcy can also help in saving the property.

Thus individual whose properties are facing foreclosure can try from several options available which will help them to save their property and their credit.