Falling behind on a mortgage payment can be a scary thing. But with the economy in the shape it is in today and with unemployment rates on the rise, more and more American families are at risk of losing their homes. Many parents have to choose between providing electricity and food to their children and paying the mortgage on their house. Having to make this choice can be devastating especially once the foreclosure notices start arriving with the daily mail. Those notices are ominous warnings that hard times will soon be coming, but do not give up yet. There are still some things you can do to stop foreclosure now. To start, you need to pick up the phone, call your lender and tell them what is going on.

One such option your lender may offer is to work out a repayment plan. In order to qualify for this type of plan, you must provide proof that you are now able to start to pay off debts or loans. Often, you will need to explain why you fell behind and have a satisfactory reason as to why you fell into financial difficulties. Another type of repayment plan is a special forbearance that can possibly spread out the length of your repayment period to up to eighteen months.

Loan modifications may be available in certain cases. You can stop foreclosure now by working out a new mortgage agreement with your lender which could actually decrease your monthly payment by extending the length of the loan or lowering the interest rate.

If none of these options work for you, most people at risk of foreclosure can set up a short sale. This will not allow you to keep your home but can help save your credit rating by avoiding foreclosure. During a short sale, you work to sell your home, often at a low rate and in return, your mortgage company will settle your debt at a much lower pay off.  If you are an RV or boat owner you wouldn’t want something like RV or boat foreclosures happening to you – better to sell them off before it happens, always.

The most important thing to remember if you are at risk of losing your house is that you can stop foreclosure now.  Just like you can get help with repossession if you are behind on car payments.  A simple phone call to your lender can get several options working so your family can remain in their home. If you feel like you cannot do it alone, seek for financial help from professionals. Many people are willing to help you save your home and save your credit rating from the ruin of foreclosure.