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The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

Perhaps, you are far behind your mortgage payments and most likely to face a foreclosure. In such a situation, many homeowners like you will be bewildered after receiving a default notice. However, if a borrower doesn’t get in touch with the lender immediately after receiving the default notice, it’s very likely that the homeowner will certainly lose the home in a foreclosure. Following are some simple tips on how you should negotiate with your lender in order to retain your home.

Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.

The plan basically provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment.

The Obama Administration has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments.

If you are late on one mortgage payments and there's no any other ways to make future payments, talk to your lender. Don't ignore the problem. Take actions.

Once you start falling behind your mortgage payment, you need to take actions immediately. Even if it's the first month that you're ever late.

There are not for profit foreclosure prevention counseling services out there. But, there are still small fees involved. If you need a free foreclosure prevention counseling.

Filing bankruptcy only temporarily stops foreclosure. If your mortgage payments are not made, the bankruptcy court will eventually allow your lender to foreclose on your home.

The US government is selling homes. Several federal agencies have properties to sell. Both single family homes and multifamily properties.

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Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money.

Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders.

Homeowners who are having difficulty meeting their mortgage payments are looking towards mortgage loan modification programs for help. But many are on confused about which loan modification program is right for them and what they can qualify for.

If keeping your home is not an option, you may want to consider these alternatives: Sale, Pre-foreclosure sale or short sale, Assumption, or Deed-in-lieu of foreclosure.

Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.

The US government is selling homes. Several federal agencies have properties to sell. Both single family homes and multifamily properties.

You’re told to surrender the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will permit a borrower with a better credit rating to secure new financing – and prevent the loss of the home.

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.

Filing bankruptcy only temporarily stops foreclosure. If your mortgage payments are not made, the bankruptcy court will eventually allow your lender to foreclose on your home.

HUD is the largest provider of government backed guarantees to commercial lenders. As a result, the mortgage industry receives stability as its risk of loss is minimized.