If you are experiencing financial difficulties and cannot make your next mortgage payment, or if you are already behind, you need immediate help. Contact your lender as soon as possible. Explain why you are having a financial hardship and express the desire to work it out.

Precautionary steps you can take to regain control of your finances and bring your mortgage current:

* Take advantage of free pre-purchase counseling or financial education offered by nonprofit organizations. These counseling services are offered through local governments as well as nonprofit organizations.

* Avoid prepayment penalties and balloon payments.

People who refinance their mortgages with loans containing prepayment penalties or balloon payments are more likely to undergo foreclosure, according to a study by researchers at the University of North Carolina. According to the study, a prepayment penalty increases foreclosure risk by about 20 percent. Mortgages with balloon payments were 46 percent more likely to go to foreclosure than loans without. Protect the equity in your home. It is a valuable source of wealth that will build over time.

* Stay on top of home repairs and maintenance. Too often emergency repairs and less trustworthy contractors push a homeowner into foreclosure.

What should you do if you miss a payment?

More than half of those in foreclosure did not call for help when they fell behind in their mortgage payments. Calling for help as soon as possible is the most important factor in preventing foreclosures.

Notify the bank as soon as you know your payment will be late. Calling when you are 30 or 60 days late is better than calling when you are 120 days late. Remember that foreclosure is not in the best interest of lenders. Lenders report that it costs up to $50,000 or almost half the loan balance each time they write off a foreclosure.

Work it out. Depending on the situation, the lender may lower the interest rate, lower the borrower's monthly payment, or enter into a repayment agreement for missed payments.

What are your options if you cannot make payments?

Forbearance: You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.

Pre-forclosure Sale: This option allows you to sell your home to avoid a potential foreclosure and bad credit rating that is associated with this action.

Reinstatement: When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

Partial Claim: If you can now make your regular monthly payment, this plan can bring your account current by creating a second lien on your property for the amounts that are delinquent.

A Repayment Plan: If your account is past due, the lender may agree to let you catch up by adding a portion of the past due amount to each current monthly payment until your account is current.

Loan Modification: This program adds the delinquent interest, taxes, and/or insurance payments to your unpaid balance. If you qualify, you may be able to extend the repayment of the past due amounts over the remaining term of your loan.

Property Give Back: The lender can allow you to give back your property and then forgive the debt. Give backs do, however, have a negative impact on your credit record, although not as much as a foreclosure. The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.

Again, if you do fall behind on your mortgage payment, do not waste another minute, call your lender before it's too late.

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