8.3 million

Number of U.S. homeowners with mortgages whose homes are worth less than their loans, according to an analysis by First American CoreLogic that was reported on by CNN. The number means that about 20 percent of mortgages are underwater.

Eight percent of all mortgages are delinquent, and 6,600 homes go into foreclosure each day, says the Center for Responsible Lending; foreclosures could total 8.1 million by 2012. Some banks suspended foreclosures, but the moratoriums are set to expire this month.

Essential information: A variety of scammers and foreclosure vultures are targeting distressed homeowners, while foreclosure auctions are front-page news. You'll find advice for dealing with mortgage problems at Defend Your Dollars.org. If you don't need a life vest and instead want to invest, see our tips for buying foreclosed property and choosing a home inspector.