Quick response can mitigate foreclosure fallout

'The best solution: Prevent homeowners from having to declare bankruptcy. As soon as a homeowner is 30 to 45 days late with a mortgage payment, help should be available before it's too late. "The likelihood of stopping foreclosures is much more likely in that time period than after 90 days," says Emory University professor Frank Alexander, who is doing a stint at Harvard University until January.'