Whether you’re having a short term financial crisis or a long term one, begin exploring your options right away. Even if your mortgage payments aren’t late, but you are worried about falling behind, it’s time to explore your options. It’s possible you may be able to refinance or modify your loan which will lower your payment making it more affordable. If you have missed payment and are buried under late fees it is also possible that you may qualify for a program to help you get you finances back on line and avoid foreclosure.
One option which may help you avoid foreclosure is to get a new loan which will completely replace your existing mortgage. This will make your payments lower by adjusting the terms of your loan or lowering the interest rate.
Another option that can help is an agreement between you and the lender that will allow you to pay any past due amount by adding it on to your current payments for a specified period of time.
You may also be able to temporarily reduce or suspend your monthly payments for a specified period of time.
Or enter into an agreement with your mortgage company that will change the original terms of the mortgage such as the amount of the payment, the interest rate, or the length of the loan.
In addition to the above options, you may also be eligible for the governments HAMP program which was started to help struggling homeowners.