We have all had setbacks in life and in our careers. The days of guaranteed employment are gone forever. So if you find yourself unemployed like 5% of the rest of the country, what can you do to avoid losing your home.
The very first thing that you should do when you find out that your mortgage payment is in jeopardy is call your lender. Let them know your situation. Hopefully it will be temporary, and you can get back on track soon. Your lender needs to know what is going on with your finances to help work out a plan to keep your home. The bank doesn't want your house - they have too many right now as it is. They want their money and, now more than ever, are willing to work with you so you both end up winning.
A few things that can be done are moving any missed payments to the end of the loan. Doing this will relieve the burden of trying to make a mortgage payment with no income, and the bank will get their money. In cases like this, there will usually be some sort of adjustment to compensate for the extra time the bank will have to wait for their payment, but it shouldn't be too much.
Another thing a bank may be willing to do is delay payments for 12 to 24 months, or until you are employed again, but keep the same schedule. What the bank will do then is recalculate your payment of the remaining balance over a shorter term, so the payments you have delayed will actually be split over the original life of the mortgage.
Refinancing your loan is also an option they may suggest. Doing this can potentially delay your next payment for 3 to 4 months, giving you time to get things straightened out and get back on your feet. Who knows, you may end up with a lower payment when it is all said and done.
The bottom line is to pick up the phone and work with your mortgage holder. Like I said before, they don't want your house, they want their payment. You have absolutely nothing to lose and everything to gain by calling them to work things out.
If you want to save money by refinancing your mortgage, or need help with your current mortgage, you need to be well educated on the process. To get that education on mortgages visit http://www.mortgage-refinance-site.info