Have you fallen behind on your mortgage payments? Are you worried that your home may soon be foreclosed? If you answered ?yes? to both of these questions then your concern is most certainly valid. Usually, by the time that your mortgage is two months late, your mortgage company has raised its internal warning flag and is contemplating the next step, which could be foreclosure. A foreclosure is a drastic step, but one that may not be avoidable unless you take immediate action.

Once you fall behind on mortgage payments it is imperative that you respond to your mortgage company's letters seeking immediate payment. What if you have no means to make payment? Then you must contact the mortgage provider to speak with a representative. Your response to their demand will at least show to them that you are not ignoring their appeal for you to pay up. Instead, it may buy you some time to seek assistance, perhaps enough help to keep you in your home or at least find a buyer before foreclosure occurs.

You can keep the foreclosure monster at bay in two different ways:

1.Contact your mortgage company and come clean about your financial situation. If you have absolutely no possibility of making payments then foreclosure may occur. However, you can buy time and delay the process if you mention that you are in the process of filing for bankruptcy or if you are actively seeking to sell the home.

2.Ask for refinancing. Depending on the local housing market, if you live in area where things are very tough, the mortgage company could agree to refinance your home or defer payments for several months. They may see that if they foreclose on your home that the local housing market is so bad that no one is likely to step forward to purchase your home. Rather than going through the trouble and expense of foreclosure, a mortgage broker may be willing to work with you.

Truly, when time is working against you then time is of the essence to help you keep the foreclosure monster at bay. Communicating with the mortgage company about your situation will keep the trust level up while ignoring appeals to pay up will ultimately hurt you.

You may not be able to find a suitable buyer for your home, but you could buy enough time to come up with a plan to keep you in your home until you are ready to move.