For those who are struggling to make ends meet and pay bills each month, you should know that when it comes to your mortgage, you have several options at your disposal. Whether you are a couple of months behind with your payments, or just now realizing that you may fall behind in the near future, these avoid foreclosure options could very well help you save your home.

The first thing in any financial crisis that needs to be done is that you have to realize that you have a problem. Hopefully, this realization will come before you find yourself in such a financial quagmire that there is little hope of holding your head above water. If you have this epiphany before your mortgage payments fall past due, you have more options available to you.

At the first sign of financial problems, you should contact your mortgage lender, let them know your situation, and calmly ask them if they have any options that may help you keep from falling behind on your payments. Depending on how long you have had the mortgage, and your past history with the lender, they may be willing to put you on some sort of hardship program, basing your monthly payment amounts on your income. This is especially a good option for those who suddenly find themselves living on one income, due to death of a spouse, divorce, or sudden disability/illness.

If you have a good track record with your lender, you may have bargaining power with them. You can ask them to look at your past good payment history, and ask for different options to help get your payments back on track. Usually mortgage companies have hardship plans which they can offer to clients. These plans are specially made to get people with good credit history back on track. People who have met with illness or disability are especially good candidates for these programs.

Many of your options will hinge on your past payment history. Your mortgage company may offer to redo the mortgage, and allow you a few extra years to repay. The company will still retain the lien on your home, and you may actually get lower payments. This would depend on how long you’ve had your mortgage and how much is left on the balance.

Keeping the lines of communication open with your lender is crucial, whether you are currently facing foreclosure or not. If you go off the grid and your lender is unable to contact you for any given length of time, you could potentially speed up the foreclosure process, because your lender may think that you have abandoned your home.

The avoid foreclosure options we’ve discussed are great for those who are in a situation where they can be used. If you find yourself in much more dire straits, or your mortgage holder is unable to help you, it may be time to sell your home. Depending on how much equity you have in your home, this may be your best option. At least this way, you avoid the foreclosure and wind up with cash to start anew.

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