A report released by the Mortgage Bankers Association revealed that a record 12 percent of homeowners in the U.S. are behind on their mortgage.

The report said that 46 percent of new foreclosures in the U.S. where in California, Arizona, Nevada and Florida. Depressed home values in these areas are likely to be hit harder before they bottom out as the report shows that homeowners with good credit and so called “prime” loans were defaulting at double last year’s rate.

Anyone who has fallen behinid on their house payment should consider Chapter 13 bankruptcy, which will protect your home from foreclosure and allow you to make up back payments over three to five years.