Can you atop foreclosure on your home and property? According to RealtyTrac, nationwide, 303,800 homes received at least one foreclosure-related notice in August 2008, up 12% from July. One in every 416 U.S. households received a foreclosure filing last month. My son is a bankruptcy attorney. His business is increasing. People, like our government and because of our government, are in debt because of:1. Free trade agreements have shifted good-paying jobs out of the country.2. Loan institutions have trapped home buyers into low-interest loans that jump to high interest loans.3. The dollar is worth zilch and buying power of the dollar has dropped dramatically.4. The cost of food and fuel, and other items that folks can’t do without, has skyrocketed.5. Most folks don’t save for a rainy day because they are in a rainy day.6. Medical cost for some has bankrupted the family.7. Add Your Reason Here:Banks and lending institutions have not been “user friendly.” Scams have stepped in to take their place and have defrauded many. Only recently have some banks and lending institutions tried to do their part to help strapped loan-holders.It should be the purpose of the lender to determine why a property is in danger of foreclosure, to try to work out a financial solution that will help the borrower to keep the property and to avoid foreclosure to avoid legal fees and other foreclosure expenses.Foreclosure causes the home owner to lose the initial investment in a property as well as the property. They can not obtain credit easily. The owner’s expenses of foreclosure are high. Then there are health and family issues. Even the IRS can help clobber the home owner after foreclosure. After a short sale, the IRS requires that forgiven amounts of the loan given the buyer by the institution be reported as income (Form 1099c).If you are threatened by foreclosure, it is time to get an experienced CPA or attorney to give you some advice. The states have different laws governing foreclosure and bankruptcy.Needless to say, foreclosure should be avoided. Congress has failed to act effectively, favoring Fannie and Freddie executives over the borrowers. These institutions are big contributors to our phony pals in Congress. States are trying to help and are more effective. Also, some people have become active in getting new state laws to prevent foreclosures.Like the stock market, making a game of finances of any kind can be dangerous. The lending institutions are at fault, enticing home buyers to take very risky loans. Their schemes to make big profits have back fired and they both institutions and borrowers are in the sticky mud of depression. So who is getting the government’s help? It is the lenders, not their victims.Can you atop foreclosure on your home and property? Take action before it happens.