Solving the problems that have come along with the housing crisis of 2008 is a responsibility that is put on all segments of American society, from potential homeowners to current homeowners, lenders, banks, Realtors and more. After all, everyone has his or her role in the housing industry and the outcome of this crisis affects everyone pursuing the American dream of owning a home.

Being educated on all of the options available to troubled homeowners is the first step in the solution to this problem. Far too often, homeowners simply do not know what kinds of programs and assistance are available to them, whether they are in the process of purchasing a home or have already done so.

After all, so many homeowners are struggling under the reset rates of their Adjustable Rate Mortgages (ARMs) and more will face foreclosure one their ARM resets yet again.

There are some options for people finding themselves in financial straits when it comes to their homes. In addition to home foreclosure prevention programs, there are also lenders willing to re-finance into a lower rate with a loan modification (though this usually means paying those associated costs and fees that accompany this process) as well as those homeowners that find new ways to generate extra income.

Loan modification has become more popular as it allows homeowners to remain in their homes while making a lower monthly payment. If this seems like a good option for you, ask your lender if it offers this as an option for homeowners behind on mortgage payments. Loan modification is subject to qualification and lenders do look hard at your financial picture to see if you will benefit from such a program. Your lender will ask you to provide documentation detailing your financial hardship in order to qualify you for a loan modification.