The first thing a homeowner can do when they think they won’t be able to pay their monthly mortgage is contact the bank that holds the mortgage on the house. Many times the bank will work out payment plans or provide flexibility in the payment due dates. Sometimes they will even give a homeowner a 2 or 3 month break while they try to get caught up in their payments. It is more beneficial for a bank to be paid a reduced amount rather than nothing at all. They see foreclosure as a last option and will try to accommodate families who are showing an effort by extending a phone call or email to let them know of their circumstance.
There are also many non-profit agencies who will work with homeowners to try to save them from going into foreclosure. These agencies are funded by the government with the goal of keeping people in their homes. They have financial counselors who know the court system and can point families in the right direction. They also know of grants and funding that are available for people who have special circumstances that prevent them from paying their bills on time. This could include people who have been injured, lost their jobs, had a death in the family, etc. By knowing how the judicial system works and all of the resources available, these non-profit groups are extremely beneficial and free to homeowners.
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