Facing foreclosure can be a challenging thing to do. It’s normal to be nervous about the possibility of losing everything you worked for. You don’t have to roll over and accept your fate, however. You can try these five emergency actions if you get behind:

1. Ask for a Deferment or Forbearance

If you’re still early in the situation, you can always ask for a deferment or a forbearance and deal directly with the bank. Deferment will always be the better option because interest doesn’t accrue during deferment as it does with forbearance. You may have to stay on hold for a long time, but it will be worth it when you get someone on the phone. Let them know of your troubles and request that they give you some time to resolve them. The worst that they can do about it is say no, but they may work with you.

2. Request a Loan Modification

A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. You could ask for one if you’ve had some life-altering circumstances happen to like a loved one came to live with you, or you suffered a disability or lost a significant amount of income. The paperwork may take some time and 90% of requests are denied, so you have to make sure that you start the process as quickly as you can and have a backup plan in place.

3. Get a Reverse Mortgage

Speak to a financial expert about a reverse mortgage if you are over 62 years old, and you’ve been in your home long enough to build some equity that can help you. A reverse mortgage, put simply, is a mortgage loan just like the current mortgage you may have or have had in the past. With your conventional loan you may have now, it is a lien against your property, correct? A Reverse Mortgage is just like a Refinance.  You may be able to transform the equity in your home into cash and get out of your current predicament. Schedule an appointment with an expert so that you can find out exactly how it works.

4. Hire a Mortgage Attorney

Mortgage attorneys may be able to help you with your situation. They’re specialists who are well-educated in mortgage laws and can speak to your lender in just the right language. They may charge you a little fee for helping you, but they may be able to buy you only enough extra time so that you can save money and catch up with the bills.

5. Ask Your Loved Ones for Help

You can always try asking your close friends and family members for help too, but it’s understandable if you don’t want to involve them. It’s just a suggestion that can help you resolve your debt quickly. Your family may be willing to help you rather than see you in the street. If their help is not enough, as much as they wish it would be, take an inventory of assets that you may be able to sell for a little extra money. Go through the valuables that you have stored away and sell what you can. It’s better than being homeless.

As you can see, you have a few solutions for you if you’re a little bit behind on your bills. Choose one of the methods mentioned above and see how it works. You may be surprised at its success.

At the end of the day, you might also consider selling your house, especially if foreclosure seems inevitable. It may not be your last resort, and lots of emotions are involved in the decision. But if the house ends up in foreclosure, the only winner is the bank. You will get zero for the house, regardless of any equity you’ve built, and you’ll now have a devastating blemish on your credit report that will make getting another mortgage, car, credit card, or even rental home much more difficult, if not impossible.

If you decide selling your house is your best option, Second Chance Offers will move fast to walk you through the process of stopping the foreclosure, employing several strategies if necessary. There are many ways to do so, and plenty of services to help you sell your home quickly.