If your mortgage is in default and you’ve received a notice of foreclosure, there’s no time like the present to take action. There are many things you can do, with none more important than contacting your lender to discuss any workout options that are available.

A workout is nothing more than a compromise between you and the lender, all with the idea of modifying the terms of the loan to help you stay in your home.

While most lenders are willing to work things out with borrowers, you need to show that you’re serious about getting back on track. Here are a few things you can do to maximize the chance of finding a solution:

  • Explain your situation: Make it clear as to why you’ve missed payments, such as if you were ill or out of work.
  • Show how your situation is changing for the better: For example, if you landed a new job, this may be enough to prove to your lender that you’re back on track.
  • Consider all options: Don’t focus on one type of workout, all the while ignoring the rest. Consider every option that’s available to you.
  • Don’t delay: Once you receive a notice of foreclosure, you should contact your lender to discuss all potential ways to work it out.
  • Show that you’re trying: If at all possible, come up with some money to send your lender. This shows that you’re willing to do your part in making things work.

If you’ve considered all your options and are still facing serious financial concerns, it may be time to file for bankruptcy. Doing so can stop the foreclosure process, thus giving you enough time to figure things out.

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