Representative Mike Michaud represents Maine's 2nd District in the United States Congress.

Millions of Americans are painfully aware of the fact that mortgage foreclosures and delinquencies are at their highest level in more than 30 years. These problems in the mortgage market have seriously strained the overall U.S. economy and are leading many to wonder how they are going to make ends meet.

Foreclosures not only affect families that lose their homes, but have serious consequences for surrounding communities. I joined a bipartisan majority of my colleagues in helping to pass a bill into law which is aimed at helping people at risk of foreclosure stay in their homes. The establishment of the Hope for Homeowners program at the Department of Housing and Urban Development (HUD) provides a way for homeowners to refinance into a Federal Housing Administration (FHA) guaranteed, safe and affordable mortgage.

In order to help provide more information to Mainers, the House Financial Services Committee put together a resource guide describing help available for homeowners. Outlined below are some suggestions for those seeking more information. While it includes information on the most prominent foreclosure prevention efforts, it is not an exhaustive list or a substitute for housing counseling.

Talk to your Lender or Loan Servicer of your Current Loan

Your loan servicer is responsible for collecting your monthly loan payments and crediting your account. Speak to your loan servicer about refinancing options, including the federal programs detailed below, state finance initiatives, and any other loan modifications that are appropriate for your financial circumstances. If you require help in identifying the company that handles your mortgage you can use the online resource of MERS Servicer ID (www.mers-servicerid.org/sis) or its phone-based MERS Servicer Identification System at 1-888-679-6377. If your lender is not cooperative, talk to a legitimate housing counselor and they may be able to help you with your lender. You can also contact the HOPE hotline at 1-888-995-4673 to speak to a housing counselor and ask for assistance in working with your lender.

Talk to a Legitimate Housing Counselor

Housing counselors can help you understand your mortgage options, negotiate with your lender and avoid foreclosure assistance scams. If you have worked with a qualified housing counselor, you should contact them again. If you need help in locating qualified a HUD-approved housing counselor in your area, call HUD's interactive voice response system at 1-800-569-4287. Also, free telephone counseling is available 24/7 from the national HOPE hotline at 1-888-995-4673 or www.hpfonline.org, which connects callers with counselors from HUD–approved housing counseling agencies. The hotline is operated by NeighborWorks, a national organization which also awards housing counseling grants. The list of grantees and foreclosure resources can be found on the NeighborWorks website at www.nw.org.

Contact State Foreclosure Prevention Programs

Many states have developed programs to help troubled homeowners by connecting them with resources and housing counseling. The Maine State Housing Agency provides information about how to contact a housing counselor in your area on their webpage at www.mainehousing.org/EDUForeclosure.aspx.

For those homeowners who suspect that they have been a victim of fraud, misleading information, or other deceptive practices, they should contact the Maine State Attorney General's office at (207) 626-8800 or http://maine.gov/ag/. The Attorney General can investigate complaints and sue lenders and other mortgage originators for alleged illegal behavior.

Contact the Federal Government About Federal Foreclosure Assistance Programs

Two federal programs (HOPE for Homeowners and FHA Secure) are designed to help homeowners refinance mortgages and avoid foreclosure. The requirements of these programs and more information can be found by going to www.fha.gov.

While this is all helpful information, foreclosure rates continue to rise. I was disappointed that the financial bailout bill did not require the Secretary of the Treasury to help homeowners renegotiate out-of-control mortgages. Instead the legislation only suggested such action.

Foreclosures and defaulting mortgages are at the heart of the current economic crisis and we need to do more to help homeowners overcome mortgage terms that are overwhelming them. This doesn't require a government handout, but can take the form of government assistance in renegotiating terms to lengthen the time families have to pay back their mortgages and to lower monthly payments.

We clearly need to do more and I will continue my advocacy in Congress to help make sure that we address the true needs of Maine families and communities.