Carol Gilbert from the Goldseker Foundation has some great advice for distressed homeowners in Maryland — anywhere for that matter — in an article today in the Los Angeles Times.

Here’s a quote:

“Borrowers may think that they are delaying foreclosure by not calling the lender - the opposite is true. The longer a borrower waits, the faster foreclosure will proceed and the fewer options there are to slow or reverse it from happening.

Too often, homeowners who default on their mortgages wait until the last minute to seek foreclosure assistance. It’s a decision that in the long run comes back to haunt them.

In most cases, lenders, states and nonprofit organizations have programs in place that can stop foreclosure. That’s because no one — aside from opportunistic investors — ever really wins in foreclosure situations.

According to the article, one of the first steps to take is contacting a housing counselor. Reaching out to the lender to discuss possible options is also an important initial step.

The article offers a few resources for Maryland residents, including:

• Dial 311 (in Baltimore) to be connected to a free counselor at a HUD-approved nonprofit
• Call 888-995-HOPE (4673).
• Visit the St. Ambrose Housing Aid Center ((410) 366-8550) for free counseling

Whether it’s refinancing, deferring payments or relocating, options abound when it comes to avoiding bank repossession.

Inaction, however, should not be one of them.