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If after you’re pared back your outgoings, and still think you’ll have problems with your mortgage, talk to your lender immediately. It’s less expensive for them to help you sort your problem out than it is for them to foreclose your home.

If you’re late with payments, and it’s likely to be a temporary situation, find out from your lender if you can get forbearance, or a request to suspend or temporarily reduce your payment. If you’ve lost a job or had some other short-term setback, your lender may allow you to skip several payments and give you time to get back on your feet. You’ll need to be able to produce some evidence — pay stubs, bank statements — that you are doing your best to pay your bills.

See if uncle Sam can help. Ask your lender about helping you get a one-time payment from the government’s FHA-Insurance Fund to bring your mortgage current. You may qualify if your loan is at least 4 months delinquent, but no more than 12, and you are able to begin making full mortgage payments. Keep the number of a Dept. of Housing and Urban Development (HUD) approved counseling agency handy since they offer many free services that could help you. Call (800) 569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you.

If your financial problems are likely to be long term, ask your lender about restructuring your loan to make it easier for you to keep on top of payments.

If you’ve exhausted all your options and you’re facing foreclosure, get your lender’s advice on your options. There are alternatives to foreclosure and your lender will help you find the best option for you. For instance it may be better for you to sell your home at a loss rather than damage your credit score with a foreclosure.