For some reason or another, you just can’t seem to pay your mortgage. Whatever the reason, you must know that you do have choices:

• Sell your home and find a more affordable one. If you owe more than what your home is worth, you may need to sell your home as a short sale. Talk to a knowledgeable real estate in your area for more details.
• Refinance the mortgage.
• Ask your lender if they would agree to a forebearance, wherein the lender agrees to temporarily suspend or reduce payments.
• Ask your lender if they could agree to permanently modify the terms of the loan to reduce monthly payments.

If you miss a payment or know that you are going to have trouble keeping up with your payments, contact your lender immediately! Open communication with your lender shows them that you are willing to do what you can to resolve the problem. Consult with a real estate agent in your area for help if needed.