Your first step is to call your lender. If you are having difficulty paying your mortgage on time, it's important to act now before things get so bad that you are facing foreclosure. Your biggest ally if you encounter difficulty paying your mortgage on time is often your lender. Don't wait – call them as soon as you know you are having problems.

Your lender – also known as a servicer – has a number of options to help you stay in or sell your home. These options include forebearance, repayment plans and loan modifications – as well as relief under the new Federal housing plan. You can find their contact information on your mortgage statement or coupon book.

If you are having trouble keeping up with your mortgage payments or you have received a notice from your lender asking you to contact them, the following information will help you avoid some problems: