Denial or procrastinating won't save your home, as acceptance of the situation and locating the options available is the only sure path to take here. You have a short time to understand your problem and the possibility of facing foreclosure.
A loan modification is the best way for you to keep your home, based on a plan you and your lender can come up with working around your financial situation that would bring you up to current.
Some options offered in a loan modification program include reducing the interest rates; adding missed payments to the principle; forgiving missed payments or a portion of the debt; and possibly accepting a small payment to bring the mortgage current.
If a borrower gets behind more than four or five payments, a repayment plan would still be difficult to repay. Extending the life of a loan, which would allow you to make extra payments, is one way to help avoid foreclosure, if it means turning all still owed on the loan, including the missed payments, and convert it into a new 30 year loan, for example. A loan extension lengthens the period of time to pay the loan, and at a level you can afford.
Lenders actually want you to keep your home, and here is where communication may be key; once the hardship begins in your life, contact your lender, along with the facts of the hardship: If it is due to the lose of employment. The income you are receiving, vs. your expenses. And if the problem that had arose is assumed temporary, or going to be long term. Be ready to contact your lender with all pertinent financial information, the way you wouldn't want to lose your home to foreclosure, your lender wouldn't want to lose money through foreclosure either. Your may find it best to acquire a loan modification lawyer who is specialized in the legalities and complexities of this process. In going directly to the lender you may be shuttled from representative to representative, and an attorney will be able to also help stop foreclosure, should it already be in the progress.
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