by 
The Curious Bag
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Options are available to help you avoid foreclosure, according to Freddie Mac. You may not have to pay the full amount owed. Call your lender if you are having trouble paying your mortgage.
Refinance
Your lender may be willing to refinance your mortgage. This would give you a new mortgage, and if you have enough equity in your home, it may be able to pay off the old mortgage and fees.
Reinstatement
You may be allowed to pay what's behind on your mortgage in one lump sum at a later date in a reinstatement plan. This could be helpful if you have a tax return coming in during the coming months.
Forbearance
Forbearance plans would lower or suspend your mortgage payments for a limited time, according to Freddie Mac. This gives borrowers time to raise their income.
Loan Modification
Loan modification is an agreement with your lender to change terms of your mortgage to make it more affordable. Principle reduction may be possible.
Making Homes Affordable
Refinancing or loan modification may also be available through President Barack Obama's Making Homes Affordable plan. Ask your lender if this plan might help you.
Source:
Freddie Mac: Understand Your Options
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