Our country is in a sad state of affairs when a 94 year old woman kills herself as a result of a foreclosure. This is what happened in Akron Ohio back in March, when Addie Polk received notice that she was going to be evicted. Mrs. Polk a proud widow who had lived in her home since 1970 had refinanced it in 2004 for $45,620 with countrywide home loans.

In September 2007 Fannie Mae assumed the countrywide loan after it filed foreclosure action against Polk. She ignored the lawsuit and notices left at her home. The home was sold to Fannie Mae at a sheriff's auction in June. Deputies had arrived to escort Polk from her home on Oct. 1 when gunshots were heard inside.

Mrs. Polk had been a long standing citizen in her community and had been involved with her church. "She ranked very high in her commitment, dedication and service to the church," said the Rev. David Dodson, pastor at Antioch. "She was very independent and never complained about anything. We are going to miss her."

With such distressing news a person is forced to ask themselves if anyone is safe from the threat of foreclosure.  With so many people loosing their homes due to escalated interest rates and a weakened economy, you have to wonder if there is any chance of surviving the threat of foreclosure.

While Mrs. Polk could possibly have avoided the foreclosure if she had reacted to the notices from Fanny Mae and had sought help, the idea of an elderly widow being forced to face eviction and a sheriff's sale is very disheartening. 

What chances if any do you have if faced with similar circumstances?

What can you do to avoid foreclosure?

Mortgage modifications are an option to avoid foreclosure. Mortgage modifications are created to offer a distressed homeowner with an alternative to foreclosure. Typically these modifications involve one of two options.

• Extend the term of your mortgage - By restructuring your mortgage you can extend out the payments of your mortgage, for example you can convert a 20 year loan into 30 years and subsequently reduce your monthly payments.

• Lower your elevated interest rate - In many cases a homeowner is facing foreclosure because they purchased there home at a low variable interest rate and over the last several years as the economy has weekend the interest rate has rocketed to a much higher percentage and has increased their monthly payment, sometimes by as much as $1000. Converting this elevated rate into a lower fixed rate will reduce your payments.

These are only two of the options available to a homeowner, these tend to be the best possible solutions but for even these to be successful you must take a serious look at your situation and examine what you can really afford.

It is also pertinent that you realize that the mortgage institutions are not in the business of modifying your mortgage and in most cases they will not provide you with sufficient adjustments if you approach them with out proper defense. To assure you receive the best possible modifications, one you can live with, it is in your best interest to hire a professional service to represent you in mortgage modification negotiations.

While searching for a reputable agency be sure to avoid anyone who requires a deposit before representing you. Unfortunately there are many scams out there masquerading as legitimate negotiation services.  Be sure to thoroughly research any company before hiring them to represent you.

While Mrs. Polk's situation may have been avoided if she had contacted a professional service to assist her, it is a sad day when  our nation's elderly are faced with such drastic situations.

If someone you know is at risk of losing their home, be sure to assist them in finding help. Mrs. Polk's situation teaches us that no one is exempt from financial hardship and we as Americans must help each other. We always have an option, be sure to know what yours are.

Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue