Don't count on the government to bail YOU out.

We have to look out for ourselves because the bailout proved that we can't count on the politicians to do the right thing for us. The bailout was more about Wall Street than Main Street, and you won't see any benefits from the plan for several months.

Same goes for recent efforts to "encourage" lenders to work with borrowers to prevent foreclosures, like the Housing Rescue & Foreclosure Act that did little to help homeowners in trouble. We've said it before and we'll say it again: if you're headed for trouble with debts like a mortgage, call your lender and try to work something out.

Don't go down without a fight — explore every opportunity available to you to avoid foreclosure. Living in denial won't help you or the bank.

Next: Don't fall for the "great buying opportunity" pitch.