If you are having trouble making your payments, contact your loan servicer to discuss your options as early as you can. The longer you wait to call, the fewer options you will have.

Many loan servicers expanded the options available to borrowers during 2008 – it’s worth calling your servicer even if your request has been turned down before. Servicers are getting lots of calls: Be patient, and be persistent if you don’t reach your servicer on the first try.
You also may want to ask if you qualify for the “HOPE for Homeowners (H4H)” program. Congress created H4H to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. The program provides a new, 30-year fixed rate mortgage insured by the Federal Housing Administration (FHA) if you and your lender agree to certain conditions. The program expires September 30, 2011. For more information, see www.hud.gov/foreclosure.