There are several things you can do to stop or stall the foreclosure process on your home. The first thing you need to do is contact your lender and tell them why you are unable to make your payment, whether or not the problem is temporary or permanent and details about your income, expenses and any other assets you may have. If for some reason you find it uncomfortable to talk to your lender, another option is to contact a HUD approved counselor who will help you understand what your options are free of charge.
Additionally FHA and the Obama Administration have programs and options available to help you keep your home. One option is Special Forbearance, this option allows for a temporary reduction or suspension of your mortgage payments in order to allow you time to overcome whatever the problem is that reduced your income. A payment plan is then offered so you can repay the missed payments a little at a time.
Partial Claim is when a borrower receives a second loan in the amount of the delinquent loan to bring it current. This loan is interest free and will not need to be paid off until you pay your first mortgage or until you sell your home.
FHA-HAMP combines an enhanced partial claim and a loan modification. This will include any payments necessary t bring you current with your payments. It can also include money to reduce your existing loan balance buy up to 30 percent. This will bring your monthly payments to an affordable level.
To qualify for these options you must provide your lender your current status in relation to income and expenses.