Take the initiative to avoid foreclosure
If you are facing the possibility of foreclosure and need loss mitigation assistance, learn how to negotiate with your lender. The right time to contact your lender is when you realize that your mortgage payments will soon become a struggle to meet. Lenders are willing to negotiate with homeowners who take the initiative to avoid future mortgage problems. They do not want houses they may not be able to sell again. In some cases, lenders are contacting at-risk borrowers who have a history of late payments, or are have an adjustable rate mortgage (ARM). Therefore, the sooner you call the better. You may encounter an unrelenting lender is you wait until after you have missed three or more payments.