During troubling times of a lost job or increase mortgage payment costs, it is important that the home you live in is not taken away from you. To guarantee that this does not happen, you have to take steps to ensure you keep your home. It is not okay to wait for the problem to correct itself. It is up to you to take action and make the appropriate accommodations as soon as possible in order to save your home.

The first action you can take is to discuss the problem with your lender. Foreclosure is expensive for your lender as well as yourself. A lender prefers to have money rather than a property, especially during a time when homes are not selling well; their goal is not to take your home.

In some cases lenders are willing to reduce interest rates to help you pay your mortgage. In many cases, some lenders will be unsupportive, but this is the best first step nonetheless. If you have problems with paying your mortgage, your lender will try to contact you. Make sure you answer whatever questions they ask. If you do not respond, it is their duty to start legal proceedings; something you will want to avoid.

Your next step is to contact a HUD-approved housing counseling agency. A counselor will help you with your mortgage payment. They will help you deal with your lender and even plan a budget with you to pay your bills.

Your next step is an important one. Make sure you take whatever money you have and put it towards your home. Cut out everything you can. Stop dining out, sell a second car or try to earn some extra money; take the bus rather than your car to save money on gas and insurance.

If your income is still not enough, use nonprofit consumer credit counseling agencies to try to take out a loan that is friendly to your needs. Beware of the nonprofit credit agencies that ask for large costs up front; as they may be scams.

You may consider asking for forbearance. This is a plan that you make with your lender to suspend your payments for a short period until you find a new job or some way to pay your loan. Then, you can repay the full amount owed while the loan was held off by a large sum perhaps from a tax refund or rebate.

It can be extremely difficult to save your home if you cannot pay for it so make sure you can create as much income as you can and save every sent. Try to save when buying food by buying in things you really need in bulk at wholesale. Try to buy cheaper food like chicken rather than beef and many vegetables rather than snacks. Buy fruit that is only during the season such as strawberries in the beginning of summer and Clementine oranges in the winter when they are in abundance. This will help you save money and save your home.

Read my latest articles on This Is Your Chance To Save Your Home Along With Money and do check out my website for my other real estate Guides .