It's a word homeowners hope they'll never hear: "foreclosure."

Joel Runck went to a seminar Tuesday afternoon where people could speak with lenders, credit and homeownership counselors.

Their advice? - Live within your means.

"What we're finding with most of the foreclosures is that people took money out-went and purchased more debt."

The foreclosure seminar at First Lutheran Church is sponsored by the Duluth Mayor Don Ness' committee on foreclosure.

The goal is to provide a way for people to deal with the volatile housing market.

"We're really trying to get the word out to people, come find out about what the resources are. Don't wait until it's too late. How can you get assistance before it gets to be a disaster situation."

Keith Hamre, City of Duluth Manager of Community Development, says people shouldn't panic if they find themselves facing foreclosure.
There are steps to take to solve the problem.

"Look at how they can restructure their loan, especially if they're in one of the adjustable rate mortgages. How can they try to get to a fixed rate; how can they look at having refinancing."

But the most important thing people can do is prevent the problem in the first place.

"Don't overspend. Stay within your means. If you're in a house that you can't afford, look at what ways you can address living within your means."