The rate of home foreclosures in Hawaii is not as high as the rest of the nation. Still, there are those instances where homeowners may be faced with that possibility.

Experts say whatever else you do, don't panic.

Gayle Ishima of Central Pacific Homeloans say the "first thing they should do is call their lender because the lender needs to know and they're really helpful as far as working with you to make sure that you do not need to lose your house."

Ishima says it just doesn't make good economic sense for the bank to foreclose on your home if it can avoided.

"No. Lenders don't want homes. Lenders are there to lend money and that's what they want to do."

For some homeowners who have planned their mortgage payments carefully, unexpected emergencies can arise. Again, communication with the lender is the key.

"If it's only temporary and it's for three to six months, maybe you have a medical emergency that you hadn't even thought about and you're short of funds, what they'll do is they'll work with you on a payment plan."

The Legislature passed the mortgage rescue fraud prevention act during the last session to regulate distressed-property consultants. These can be unscrupulous people who prey on those looking for a quick fix to their mortgage payment problems.

"Don't do that. That person is not your lender. He's not going to be your friend. you should call your lender and not talk to these other people because what he's really trying to do is take your home away from you."

As a temporary measure, lenders may be willing to take interest only payments for a time.

"And they can tell you exactly what payments you are to make. And then once they get you back on track, I would suggest that you go to some type of financial planner."

In times of financial emergency, Ishima says it's always best to make that first call to your mortgage lender.