One of your first options would be to write a financing modification letter to your bank and request a reduction in your repayments that will help you meet any overdue payment obligations. If succesful, this would help ease your money flow. There are some specific things you will need to make sure to include in the loan modification letter, if your request qualifies, the financial institution holds off on foreclosing as you work with your newly modified loan to help you get back in the clear.
You might consider refinancing your existing overdue mortgage to be able to get out your delinquent loan and start fresh with a brand new lender. However, this method isn’t always fast and may not be effective if time is not in your favor.
There can also be means of paying higher interest rates than what you are currently paying as your credit may have been impacted by your present delinquent status.
Another positive option for avoiding foreclosure is choosing a short sale. This plan continues to be a serious measure, but it’s much less damaging for your future credit than the usual bankruptcy or a foreclosure. A short sale is basically where you negotiate with your bank to sell your house for under you’ll still owe about the mortgage. The bank will then choose to accept accept less than the entire amount your debt them in order to recoup as much of their money as you possibly can.