Meet with your lender immediately you are unable to make your mortgage payments. Foreclosure is a complex and often expensive process, meaning lenders are motivated to help you keep your home.
Contact a certified and experienced housing counselor for expert advice. A housing counselor helps you assess your financial situation, and recommends changes to help cut costs. A housing counselor also helps to negotiate with your lender.
Speak with your lender to come up with a loan workout arrangement. This involves restructuring the loan to make it easier for you to repay. This may mean changes in the time available to repay or the monthly payment amount. These changes are either permanent or temporary depending on the terms of the agreement.
If all else fails and you are unable to pay your loan, the only option left is to leave your home. Ensure that you have explored all avenues with your housing counselor and lender before taking this step. Consider a short sale or pre-foreclosure in this case.