Foreclosure is a scary possibility for many of us. As the economy moves up and down, things like job security and cost of living can be unpredictable. It’s important to do as much as we can to stay in the clear – for our financial sake and for our sanity. Here are some ways you can avoid foreclosure even during the tough times.

Refinance: Try refinancing to a fixed-rate mortgage, especially if it’s at a lower interest rate than an adjustable rate mortgage. In order to refinance, however, you need to be able to afford it and the closing costs. If you find you cannot afford this, there are other options.

Mortgage relief: As soon as you figure out that you cannot make that payment, call your lender and let them know the situation. They could be able to extend the period in which they would normally have to foreclose on the house. This mortgage relief can give you some time and a little relief from your mortgage, but do this quickly.

Forbearance: If you find that you are not able to make the payment, the bank will allow you not to; however, this comes with conditions. They will still charge you an interest rate that you would owe on the mortgage payment, so you are not completely free of payment. They may be able to give you a few months of no payments if you find yourself in a situation such as an injury that doesn’t allow you to work for an extended time.

Loan modification: This is a great option for people who are a month or so behind on payments. Call the bank immediately and find out if they can modify your loan. They may be able to extend your payment time or give you a lower interest rate – whatever you need to be able to stay in your home.

Stephen K. Hachey, a Florida real estate attorney, can help you determine what option is right for you. Contact him at 813-549-0096.

This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.