It happens sometimes: hard times fall on even the best of people and financial obligations can not always be met. Spouses become unemployed, family members become ill and money is spent on hospital bills and medication, and other unavoidable hardships creep their way into the lives of people all over America.

If hard times have fallen on you, and you can't always make your mortgage payment, understand that there are options to consider in order not to lose your home. There are actions you can take that will save you from losing your home so you can get back on your feet and meet those financial obligations once again.

Foreclosure can occur when you miss your mortgage payments and are not able to pay back the loan in a timely manner. The bank or lender you chose to borrow the funds to buy the house may repossess it by taking ownership of it, and basically make you leave the property. If you owe more than the house is worth you could be served with a deficiency judgment which can greatly affect your ability to apply for credit or other housing in the future. You want to avoid both foreclosure and a deficiency judgment at all cost! They will make your life extremely difficult.

The following are 5 tips that can help you to avoid foreclosure so you can stay safe and warm in your home, and not have to deal with the difficulties of losing your home.

1. Contact the Lender

If you know you are delinquent on a payment, or are getting letters or phone calls from the lender, do not let them go unacknowledged! If anything, be the first to call or write the lender apprising them of your situation. They may ask for financial documentation of your income and expenses to evaluate your problem. They may be able to help you with this information.

Do not abandon the property because you may not qualify for assistance if you leave. Stay in your home, speak with the lender, and see what options they might have resolving your situation. Avoiding the lender will just make matters worse because they may assume you are purposely not paying them back, and this is exactly what you don't want to happen.

2. Partial Claim

The lender may be able to assist you in getting a one-time loan to bring your mortgage payment current, especially if your financial distress is temporary. This way, the mortgage payment will be satisfied until you can get things under control again, and you will not lose your home.

3. Modify your Mortgage Terms

If the monthly payment is too large, you may be able to refinance or extend the term of the loan allowing you to have smaller monthly payments and a longer time to pay back the loan. You will probably have a higher interest rate and end up paying more money to the lender however, you will not go into foreclosure and lose your home! By changing the terms of the mortgage, you may be able to catch up on what is due and make the monthly payments more manageable so that you will not be delinquent. The lender should be open to this option as long as you are upfront and let them know what is going on.

4. Special Forbearance

The lender may be able to look at your financial situation, and depending on what is the cause for your delinquency, the lender could temporarily suspend the payments or adjust the monthly payment to a lower amount. This new payment plan must be supported by evidence that you could afford the new monthly payments.

5. Sell the Property

In order to avoid foreclosure, you could sell the property. There are investors who will buy pre-foreclosure homes quickly and give cash up front. They often will assume the debt and simply rid you of the problem. This can be a great option if you can sell your house quickly and cash out, and find housing that is more affordable. Also, your responsibility too the mortgage would be relinquished. If you are in big trouble, this can be the answer to not going into foreclosure. You will lose the home, but it will be voluntary and you are avoiding all financial problems that come along with foreclosures and deficiency judgments.

Hopefully these tips will aid you in your financial troubles and save you from either losing your home or going into foreclosure. Analyze your options with your lender and see if you can negotiate a new plan. Always remember to be in contact with your lender if troubles arise so they will be more willing to work with you and not take back your home.

John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: http://ww.scourtheweb.com/mortgage/.