Right now, a lot of home owners are struggling to handle their mortgages: we’ve all heard the stories of rising foreclosures. But Bankrate.com has put together an excellent resource for homeowners trying to figure out the procedures for dealing with their bank and learning just what they need to do to keep their homes by bank. They conducted a series of interviews with nine top lenders to learn the precise steps necessary. These guides are especially useful because each bank follows different steps. They’ve even gone to the effort of including phone numbers. However, the guides are a bit scattered, so I’m including a table of contents here, as well as links to the lenders’ specific websites, which were omitted from the guides.

1. Bank of America: Guide. Website.
2. Chase: Guide. Website.
3. Citigroup: Guide. Website.
4. Countrywide: Guide. Website.
5. IndyMac: Guide. Website.
6. National City: Guide. Website.
7. Wachovia: Guide. Website.
8. Washington Mutual (WaMu): Guide. Website.
9. Wells Fargo: Guide. Website.

Beyond these guides, there is one simple rule of thumb that you should keep in mind when thinking about your mortgage: stay in touch with your lender. If you’re worried about your ability to make payments or about interest rates, or really anything at all, give your lender a call. Keeping in close contact will let your lender see that you really are making an effort, and, in general, that makes your lender more willing to exhibit a little flexibility if you have a problem. Many foreclosures are preventable in early stages, but borrowers might avoid contact with lenders because of embarrassment or other concerns. But avoidance is pretty much the worst approach one can take when trying to handle a problem with a mortgage or other loan.

If your bank or lender isn’t listed, you might want to consider reading through the information from at least one or two lenders. While your lender’s procedures will probably differ, everyone has at least a few similar steps. Then, start making phone calls. It’s a matter of getting in touch with someone in your lender’s office — preferably an individual with the authority to set up a repayment or forbearance plan, or otherwise able to help you make modifications to your current mortgage.

And, even if you are comfortable making your mortgage payments, you should look over this information. Consider it a preventative measure. I’ve actually printed out the information for my bank and tucked it into the file folder I keep for that institution — not because I expect trouble but because I want to be prepared for any eventuality.

There are several ongoing efforts to make the American credit market a little fairer for borrowers: regulating the market to prevent predatory practices, informing consumers so that they can make better decisions, and other similar approaches. One of the crucial organizations in this crusade is Americans for Fairness in Lending. AFFIL is a non-profit organization dedicated to bringing regulation to the American lending industry. They’ve been in action since 2004 and been successful in bringing a number of credit issues to the attention of both government and consumers.

As a part of AFFIL’s mission, the organization provides a number of resources for consumers, such as helping prospective home buyers learn the signs of a predatory mortgage — the type that lenders don’t expect a borrower to ever be able to pay off but that a lender will make anyway in an effort to make some money.

AFFIL suggests the following to help home buyers avoid taking on a predatory mortgage:

• Use the basic rule of thumb: if it seems to good to be true, it is.
• Always shop around for a mortgage — the first numbers you see probably won’t be the best.
• Ask questions about the terms of the mortgage, and if you don’t understand them, ask for help from someone you trust (and who isn’t connected to the mortgage broker).
• Double check that, if your mortgage will have an adjustable rate, you will be able to afford an increase in payments.
• If an ad says “No Credit? No Problem!,” you should say “No Deal!”
• Walk out on any lender trying to use high-pressure sale tactics to get you to sign now.
• Never ever sign a document that is not completely filled in. If a lender says that he’ll fill something out later, run.

If you’re looking at buying a home, take the time to educate yourself about the terms that a predatory lender might offer you. In 2001 alone, predatory lending practices cost homeowners over $9.1 billion — and nobody’s been able to run the numbers on the subprime mortgage crash yet. Even if it takes you a little more time, finding a mortgage with no strings will pay off for you in the long term.

AFFIL also offers a free mortgage shopping guide (PDF). The organization also provides extensive information about lenders beyond those who offer mortgages, including credit cards, payday loans and student loans. And while AFFIL can’t do much for someone already in a credit jam, the organization maintains a list of ‘allies’ — organizations and individuals who specialize in specific issues. Other resources include help reporting debt collection abuses and a glossary of terms — an absolute necessity if you’re just starting to try to figure out your finances.