Subprime loans were repackaged by lenders and sold to hedge funds and traders on the Asian, European, and U.S. markets.

Consequently, when the credit crisis picked up steam the investors that bought the defaulting loans had purchased assets that were worthless.

In the opinion of many, the blame for the crisis is shared by the lenders, appraisers and borrowers.

The lenders sold risky loans.

Ambitious appraisals overinflated the worth of homes used as collateral.

The borrowers were so blinded by the desire to buy or consolidate their debt that they made less than great choices.

Between 2000 and 2005, the values of homes increased rapidly, which allowed people to refinance and/or sell to improve the terms of their loans. As the real estate market in the U.S. has taken a tumble, borrowers have few options due to a lack of equity.

Millions of foreclosures may occur during the next few years and you should fight with all you have to make the best decision for your family.