The troubles being seen within the mortgage industry are no longer a secret.

Thousands of homeowners are having trouble paying their mortgages or have already gone into foreclosure, and the problem does not look to be getting any better anytime soon.

Now, as more and more people are either already having trouble, or know they may run into trouble soon, they are looking for help from non-profit agencies who counsel people on handling their mortgage payments.

But for some, it may already be too late.

A recent article from The Wall Street Journal, by Robert J. Hughes, “Homeowners turn for help in handling mortgage woes,” discusses how many homeowners are looking for help in dealing with their mortgage troubles.

“The turmoil in the ‘subprime’ mortgage industry is affecting more than the stock market. Nonprofit groups that counsel people about home ownership are seeing a surge in low-income consumers seeking help -- many facing foreclosure because of mortgages they no longer can afford.”

“Yet the nonprofits often have little to offer these consumers, since they may not qualify for a new loan and their houses may be worth less than they paid for them.”

The reasons behind the trouble in the subprime mortgage industry are many.

First of all, subprime loans are given to consumers with bad credit histories who would not be able to qualify for a traditional, “prime” loan. Because of the bad credit histories associated with these types of loans, they have higher interest rates, making them more likely to default than loans with lower rates.

Also, during the housing boom, many lenders would qualify pretty much anyone for a loan, regardless of their ability to repay the loan in the future. Because many people got into loans they couldn’t really afford or didn’t really understand is also contributing to the problems in the industry.

Many of these loans also contained variable interest rates (known as adjustable-rate mortgages ARMs), the start out low and then increase after a set period of time. Many people did not even know they were in these types of loans until it was too late.

Now, the troubles and problems are being felt throughout the entire country.

Homeowners are now seeking help from non-profit agencies who do not charge for their services.

“In Ohio, counselors at Neighborhood Housing Services of Greater Cleveland say more people than ever are seeking help with managing their mortgages. A year ago, about 75% of its cases involved people seeking advice before they bought a house, while 25% sought advice after they owned one. ‘Now those numbers are reversed,’ says Paula Miller, a loan officer with the group. ‘We're doing more foreclosure-prevention and mortgage-delinquency counseling than ever.’”

The best advice for any homeowner who thinks they may be in a similar situation is to get help a soon as possible. Do not wait until the last minute to seek help, because then it may be too late.

As soon as you think you may not be able to make your payments, you should seek help from your lender, mortgage company or non-profit agency.