Worried about your mortgage?

Most experts will advise you to contact your lender.

Gather this information and be prepared to discuss it when you contact your lender:

* Loan documents/ type of mortgage
* Loan account number
* Recent proof of income documents
* Benefit statements (Social Security, disability, unemployment, retirement, public assistance)
* Tax returns
* Household expenses
* Check the foreclosure laws and timeframes in your state at the State Government Housing Office
* The amount of equity in your home: Market value – Balance due on mortgage(s) and/or home equity loans

Then think about how you would answer the following questions:

* What happened to make you miss your mortgage payment(s)?
* How have you tried to resolve the problem?
* Is your problem temporary, long-term, or permanent?
* What changes in your situation do you see in the short term, and in the long term?
* What other financial issues may be stopping you from staying current with your mortgage?
* What type of payment arrangement would be feasible for you?

You should contact your mortgage lender to discuss your circumstances as soon as you realize that you're unable to make your payments.

Let them know that you are serious about keeping your house.Most mortgage companies are willing to work with customers they believe are acting in good faith, and those who call them early on. The longer you wait to call, the fewer options you will have.

The Department of Treasury and the Department of Housing and Urban Development have created the Hope Now Alliance. The Alliance includes housing counselorswho are working to help distressed homeowners save their homes from foreclosure.