, Are You In Trouble?
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? If you're currently struggling with your mortgage payments:

• Don't Ignore the Problem
  The further behind you get, the harder it will be to reinstate your loan and the more likely that you will lose your house.
• Contact your lender
  Your lender does not want your house, and they have options to help borrowers through difficult financial times. Contact your lender as soon as you realize that you have a problem so that you know and can take advantage of any options.
• Contact the U.S. Department of Housing and Urban Development (HUD). They can give you free or low cost advice on avoiding a foreclosure.

Understand Your Options
Foreclosure laws vary from state-to-state, and lenders have their own process for dealing with foreclosures. So that you understand your foreclosure options, read your loan documents carefully so that you know what your lender might do if you don't -- or can't -- make your payments. You should also learn about the foreclosure laws and time frames in your state. You can do this by contacting your state government's housing office. Your state may post this information on a website, so be resourceful!

Get Current on Your Payments
After healthcare, keeping your house should be your first priority. Review you finances and see where you can cut your spending to make your mortgage payments. Do you have assets? ...a second car, jewelry, a whole life insurance policy? Consider selling some of your assets for cash to help get your payments current and reinstate your loan.

Can you or anyone in your household get a second job? It might not bring you current on your mortgage, but it would show your lender that you are willing to make sacrifices to keep your home, and that you are trying. The more amenable you are to working toward keeping your home, the easier it might be to work with your lender.

Talk to Your Lender
This cannot be mentioned enough! If you're having trouble, talk with your lender. Make this a priority and do not wait for months to go by. They might have a program that will help you before you lose your home, or help get you back on track if you've fallen behind. Your lender will want to know why your loan is in default and why you think you will be able to make the payments in the future. Temporary financial setbacks that have since been cured, like a job loss that was fixed by finding a new job, are good candidates for lender remedies.

Can you make up the defaulted amount over a period of months? Can you re-write the note and include the defaulted amount? Can you give the lender a deed-in-lieu of foreclosure and preserve your credit? These are questions you should ask yourself, and your lender.