Losing a job is devastating – especially if you own a home.  How do you make the mortgage payment if you don’t have three to six months savings?  What happens if you don’t have a job when the savings run out?  What if you’re the only one bringing home a check? 

According to Amy Hoak, RisMedia, Sept, 2009, “Between programs offered by the government and loan servicers, there are additional options available for today’s homeowners before they slip into foreclosure — if they speak up and ask for help. Or maybe the best answer is to start over again by cutting your losses and selling your home or pursuing a short sale if you owe more on your mortgage than your home is worth, those in the industry say.”

Whatever a home owner decides to do, the decision should be made before going into default – not making a mortgage payment and getting behind.  If you know there is a problem with keeping up with mortgage payments, you should get in touch with your lender and pursue the Federal Loan Modification program.  Talk to a professional real estate agent about a short sale.  Find out if the loan modification program or the short sale will help you in your situation and then act.  There are programs and professionals available to help you if you lose your job and are a home owner.  The key is acting quickly.