If you fall behind on your mortgage payments, there are several steps that you can take to help prevent foreclosure. First, it's important to understand your mortgage. If you don't understand the type of mortgage you have, you'll be unhappily surprised when your payments adjust. Adjustable Rate Mortgages are not fixed, and your payments will change, you must be aware of whether you have a fixed rate or adjustable mortgage to begin making plans. If you have a hybrid adjustable rate mortgage, you'll need to know when you can expect your payments to increase.



Hybrid and Adjustable Rate Mortgages might be refinanced to a fixed rate if you foresee that you will have difficulty making the new payments. Don't give up and be persistent. Keep contacting your loan officer and request a refinance for your loan. Other options include devising a repayment plan with your loan officer, and can be used to prevent foreclosure. A repayment plan is effective for those who have fallen behind on their mortgage payments and would like to create a new schedule until they are caught up. You can also discuss a reinstatement plan. This enables you to arrange to pay your past due amount by a certain date, this method is also an effective way to prevent foreclosure.

Forbearance is another option that should be discussed with your loan officer. With a forbearance agreement, your payments would be temporarily reduced, or even suspended for a time period that you and your loan service officer agree upon. At the end of the agreed upon time, you resume your payments and regularly meet any other stipulations that were originally agreed upon.