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Know what relief options are available to prevent foreclosure

The thought of losing your home to foreclosure is a very worrisome thought. If you are falling behind on your mortgage payments, it is likely time for you to explore the relief options that might help you to avoid having to go through the foreclosure process. You shouldn't delay taking action when you know that you are falling behind because inaction won't prevent foreclosure.

Contacting your mortgage lender is one of the first things you should do if you are falling behind on your mortgage. When you contact the lender, be ready to explain what is going on with your finances. The lender might have options that could help you if your problem is a short-term problem.

If you are already behind on mortgage payments, make sure that you open the mail that your lender sends. Some of the mail that you are sent might have legal information that is important. In some cases, the documents might have information about your rights or options that you have for stopping the foreclosure.

Some of the options that might be available include mortgage modification, special forbearance, partial claim or a combination of those solutions known as the FHA-Home Affordable Modification Program. Learning about each option that applies to your case might help you to make a more informed decision.

The worst thing that you can do if you fall behind on your mortgage payments is to ignore the fact that you are behind. By taking early action, you might find that you have feasible options for handling the situation. Delaying action could mean that you end up too far behind to be able to remedy the situation.

Source: U.S. Department of Housing and Urban Development, "Save Your Home: Tips to Avoid Foreclosure," accessed June 01, 2016

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