You may be in danger of foreclosure if you fail to make payments on your mortgage loan on time. But you will definitely have a problem if you default on these payments. But don't give up just yet because foreclosure avoidance is still possible if you take the right steps.

None of the following options will be open to you unless you can get your lender to agree to work with you.

See if you qualify for what is referred to as a special forbearance. It may be set up if your financial situation changes. Your mortgage holder will have to agree to re-arrange your payments. They may be willing to do so if you can show that you will be able to meet the newly arranged payment schedule.

Another possible option is a modification of your current mortgage. This involves a refinancing of the amount that is owed and may also include an extension of the term of the mortgage. The goal is reducing your monthly mortgage payments so they become affordable for you.

You could qualify for a HUD interest free loan under certain conditions. To find out more about this contact your mortgage lender. They may be able to help you with the application. Or you may prefer to contact the local branch of HUD for information yourself.

A pre foreclosure sale is another possible way to avoid foreclosure. In this case you are trying to sell your property prior to foreclosure so you can pay off debt and keep your credit intact.

If you're sure that you will be unable to make your mortgage payments even if they do get lowered, then a pre foreclosure sale may be something to consider. You will have to see if can get your lender to agree to give you some extra time to sell before they go ahead with foreclosing.

There is one final option to think about, and this should only be a last resort. It is called a deed-in-lieu of foreclosure. With this you are essentially giving your house to your lender rather than paying off the mortgage.

Although you do lose your home, at least you won't have a foreclosure showing against you. In the future if you are in a position to buy another home, it may be easier to get a mortgage without a foreclosure on your credit record.

A final recommendation is to be sure to get in touch with your mortgage lender as soon as you begin to experience problems financially. If you do that, foreclosure avoidance is going to be much more possible because your lenders will work with you on finding the right option.

If you are hoping to prevent the foreclosure of your home, you may need some help. Get free foreclosure information and find out how to avoid foreclosure.. This article, Foreclosure Avoidance – What Steps To Take is available for free reprint.