Northwoods - The word foreclosure is becoming all too common and it's knocking on people's doors at record levels in the Northwoods.


Sheriff Frank Tomlanovich sums it up, "Just kind of a sad state of affairs."

Then tells it like it is, "Unfortunately the trend is upward. In 2007 we did 50 sheriff sales, foreclosure sales. The last two years we've done 148 and so far this year, to date, we've done 94." With so many succumbing to the down economy, it's often intimidating or even embarassing to admit your mortgage is getting out of hand.

Suzanne Collins says, "When you come to the point where you're either struggling to make the monthly payment, or you've reached the end of your savings account balances and you don't know how you're going to make the next month's payments."

As a Debt Recovery Specialist, Collins works with foreclosures everyday and says there are always options if you run into trouble with a payment, "Refinancing to lower the payments sometimes. There's loan deferrals, which is you can skip a payment."

But when it's too late or your finances run dry, a foreclosure is often how this story ends according to Managing Broker John Misina, "It creates great opportunities for buyers. But on the flipside it does drag down overall prices and averages. When it comes time for appraisals, it does make it tough on the average homeowner who is trying to sell his house for top dollar."

But lenders see the negative impacts of foreclosures too and Collins says they also want to see a happy ending, "We always find out more by talking to the member. It's so important to open up those lines of communication. That's what can make the difference and can turn a very difficult situation into a positive one."

Just remember you're not alone and asking your creditor for help can keep you on track to owning your own piece of the American dream.