Know your finances.
You must first know how much you are able to pay towards your mortgage. This will require you to analyze your financial situation. Remember, your house is one of your most important investments. You will want to allocate the first part of your funds towards paying your mortgage.
When if comes to our financial situations, most people duck and hide. On the contrary, be proactive and call your lender. Believe it or not, your lender does not want to foreclose on your house. Explain your situation to your lender openly and honestly and in a polite manner. Ask the lender if there is any way to postpone or lessen your payments until you are in a better place financially or you are able to sell your house.
If the lender is willing to work with you, you must realize that this is work out will likely only be for a couple of months. You must act quickly to show the lender that you are doing everything you can to get back on track. Put the house on the market and take an extra job.
Keep your lender informed.
Even if you are not keeping your end of the work out agreement, make sure that you let the lender know what steps you are taking to remedy your financial situation. Lenders will generally be more willing to work with you if they know you are making an effort.
Before you reach the end of the rope with your lender, seek the advice of an attorney. The right attorney may be able to save your house and your credit score by negotiating a long-term work out or a deed in lieu of foreclosure.