1. Don't ignore your mortgage problem.

If you are unable to pay--or haven't paid--your mortgage, contact your lender or the Realtor company that collects your mortgage payment as soon as possible. Mortgage lenders want to work with you to resolve the problem, and you may have more options if you contact them early. Call the phone number on your monthly mortgage statement or payment coupon book. Explain your financial situation and offer to work with your lender to find the right payment solution for you. If your lender won't talk with you, contact a housing counseling agency. You can find a list of counseling resources at Neighbor Works and on the U.S. Department of Housing.

2. Do your homework before you talk to your lender or housing counselor?

Find your new mortgage loan documents and review them. Review your income and budget. Gather information on your operating expense, including food, utilities, car payment, insurance, cable, phone, and other bills. If you don't feel comfortable talking to your lender, contact housing or credit counseling agency. Home Counselors can help you examine your budget and determine the options available to you. They may also counsel you about ways to work with your lender or offer to negotiate with your lender on your behalf.

3. Know your options.

Some options provide short-term solutions/help, while others provide long-term or permanent solutions. You may be able to work out a temporary plan for making up missed payments, or you may be able to modify the loan terms. Sometimes, the best option may be to sell the house. For information on different options, visit Homeofferusa website..

4. Stick to your plan.

Protect your credit score by making timely payments. Prioritize bills and pay those that are most necessary, such as your new mortgage payment. Consider cutting optional expenses such as eating out and premium cable TV services. If your situation changes and you can no longer meet your new payment schedule, call your lender or housing counselor immediately.

5. Beware of foreclosure rescue scams.

Con artists take advantage of people who have fallen behind on their mortgage payments and who face foreclosure. These con artists may even call themselves "counselors." Your mortgage lender or a legitimate housing counselor can best help you decide which option is best for you.