Moving forward, your first line of defense is to contact your current mortgage company in regards to one of the following solutions: 1) Deferment of payment 2) Forbearance 3) Loan modification. I will tell you that most of you will experience resistance from the mortgage company when you contact them about any of the options, however be patient. There are hundreds of cases where theses solution have worked.
I like the deferment because the mortgage company can defer 1-6 months of payments depending on the situation. When contacting the mortgage company about a deferment it is a good idea to be prepared with a reason and supporting documentation. In other words get your story together before you call. As I said before they will try and discourage you early in the process, by being prepared you can avoid some of common pit falls. To learn more about being prepared visit www.thenelsongroupmo.com
Option 2 is much like option 1 however it is not as common. And option 3 is probably a term that you may have heard a lot about over the last several months. A loan Modification is clearly the best option once you finally get it because it is permanent fix. This is where your rate and payment are reduced for the life of the loan. Although this is a great solution is highly uncommon that without outside help to get a modification pushed through on your own. I DO NOT RECOMMEND PAYING ANYONE TO DO THIS FOR YOU!!!!!!!! There are free agency's that handle this you should begin with them to get more info goto the website I mentioned before and go to the contact page with your questions.