Experts are predicting that more than 4 million properties will be foreclosed in 2010.  Your home does not have to be one of them.

If you are having problems paying your mortgage bill and fear that your home will fall victim to foreclosure, then now is the time to act.  Do not wait until it’s too late.

More often than not, you can avoid foreclosure simply by talking with your lender.  If you are unable to make headway with the customer service department, then you will want to ask for the lender’s loss mitigation department.  They are the ones that will be able to tell you what options are available to you.

Those options may include deferring some payments and making them up at a later date or even loan modification.

Loan modification is the process of changing your existing loan to lower your monthly payments.  Banks want to keep you as a customer and that is why they will work with you, rather than lose you to another lender via refinancing.

There are a lot of sites online that offer free information about loan modification.  Most sites offer a toll free number and will discuss your situation.  These sites offer services to negotiate with your lender on your behalf.

Remember, when it comes to saving your home from foreclosure, communication should be your first step.  Talk your lender and explain your situation.  If that does not work, then find a reputable company that will negotiate for you.