Though $11 million in debt, there are alternatives Teresa Giudice can seek to avoid foreclosure on her dream home. Chaunce Hayden Collection/Getty Images Entertainment

Before she was shilling for Garden State tanning chains Sizzle Tan, spokeswoman Teresa Giudice was a big-spending Real Housewife living comfortably in a North Jersey estate. So when she suddenly filed for bankruptcy in October, it sent the gossip press into a frenzy. Known for dropping $2,000 in ten minutes on shopping sprees, it was no big surprise that Giudice and her husband found themselves $11 million in the hole. Then rumors began to circulate that her multi-million dollar North Jersey mansion is in foreclosure. Whether or not Villa Giudice is on the block, there are steps to avoid it. If you ever find yourself in a similar position, be sure to consider these alternatives.

Contact the lender

When facing foreclosure, you have options. But one thing that isn’t optional is talking to your lender. The last thing a lender wants is to foreclose on a property, so start discussions with your lender about your choices. Hopefully Giudice was smart enough to pick up the phone and try to make arrangements to keep her Garden State Shangri-La.

Compromise

Lenders are often willing to work with you. That can mean modifying your loan, selling the property, or suspending payments temporarily to give you time to raise funds. In Teresa’s case, it could give her time to sell a boatload of her cookbooks.

Short sale

When your house is worth less than what you owe, you could opt for a short sale if your lender agrees. If that’s the case for the Guidices, it could work in their favor since, despite 12,000 square feet and a sea of marble and onyx, their estate clocks in at a mere $1.8 million.

Deed in lieu

While just as damaging to your credit score as foreclosure, you could ask your lender to cancel your mortgage in exchange for the deed to your house. And thanks to the new Home Affordable Foreclosure Alternatives Program (HAFA), you could get as much as $3,000 to help with relocation expenses. Which, for Teresa, equates to a solid 15 minutes at the local shopping mall.

If you’re facing foreclosure, be sure to explore our extensive foreclosure guide for more info. Or, if you’re in no financial trouble at all, you might consider placing a bid on everything from a 20-foot speed boat to a suit of armor in the Giudice bankruptcy auction.

 (HouseLogic.com)

Superman! Save my House!

Three years after the recession hit, Americans still are losing their homes to foreclosure in record numbers. Not even celebrities are immune. Wanting to do anything you can to avoid losing your home is only natural. There are a wealth of resources  to help you take action. Still, some homeowners have tried other, less-proven methods. Here’s a countdown of some outlandish foreclosure rescue attempts:

5. I pimped my yard to PETA.

This past March, “Octomom” Nadya Suleman was reportedly approached by PETA when word got out about her mortgage woes. The offer: A billboard sign urging pet owners not to let their dog or cat become an “Octomom” in a campaign to raise awareness about controlling the pet population. Suleman ended up letting PETA advertise on her front yard for $5,000. In April, Suleman reached an agreement with the mortgage holder for a sixth-month extension to pay off the $450,000 debt.

4. God made me do it.

Earlier this month, a Montana man, Brent Arthur Wilson, was convicted for removing For Sale signs and forging ownership papers on a foreclosed home in a bizarre effort to keep a roof over his head. During his trial, Wilson claimed that “Yaweh,” or “the creator,” gave him the home. The jury was out for less than an hour before finding Wilson guilty. He now faces up to 30 years in prison and is scheduled to be sentenced August 19.

3. Buy my T-shirt, save my house.

To raise the $250,000 he needed to avoid foreclosure on his Port Washington, Wis., pad, former Saved by the Bell star Dustin Diamond sold T-shirts with his photo and a caption reading, “I paid $15 to save Screeech’s house.” (The extra “e” in “Screeech” was to get around copyright laws.)

The down-on-his-luck comedian turned his money problems into a publicity ploy, telling his story on The Howard Stern Show and even scheduling an online telethon to raise more money. The appearance was canceled moments before it went on the air. Despite all that, it looks like Diamond is still going to lose his home. Wells Fargo started foreclosure proceedings in April.

2. If I can’t live here, no one can.

This past February, Ohio carpet business owner Terry Hoskins decided that he’d rather bulldoze his $350,000 house to the ground than let the bank have it. Hoskins also basically confirmed that he’d do the same to his carpet store if he had to. Thankfully, it didn’t come to that. Although Hoskins didn’t technically break any laws, the bank did hold a sheriff’s auction of his business property to pay off the $600,000 debt he owed.

1. Superman saved our house.

On a more positive note, a rare comic book (an Action Comic #1—the issue that introduced Superman to the world) was recently found in the basement of a couple facing foreclosure. Although it hasn’t been valued yet, Stephen Fishler, co-owner of ComicConnect.com, guarantees that the comic will bring in more than enough to pay off the mortgage at auction time. Other rare finds like this have been valued at more than $1 million. (HouseLogic.com)

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