There may come a point in your life when you’re no longer able to make your mortgage payments. Maybe you’ve fallen behind because of a serious health problem. Maybe you’ve lost your job and are not earning nearly as much money as you once were.

If you’re struggling to stay current with your mortgage payments, consider contacting your lender to discuss your situation. A mortgage modification may be just what you need to save your home and improve your financial situation.

Every lender approaches mortgage modifications differently, but here are some basic tips to keep in mind:

  • Request more information as soon as you realize you’ve fallen behind on your mortgage payments.
  • Gather proof of hardship, as most lenders will ask for it.
  • Don’t hide from your lender, but instead realize that they’re willing to work with you.
  • Learn more about the many types of mortgage modification programs.

Don’t assume that a mortgage modification won’t work for you, as most lenders have several options to consider. For example, they may allow you to tack missed payments on to the end of your loan.

If you’ve found that a mortgage modification isn’t going to help your situation, learn more about Chapter 7 bankruptcy. Once you file, the automatic stay will prevent your lender from proceeding with foreclosure.

Furthermore, by discharging some of your debts through Chapter 7 bankruptcy, you may realize that you’re in a better overall financial position. This may allow you to keep your home after all. An experienced bankruptcy attorney can provide valuable guidance as you consider your options.