Behind on your payment? FHA will work with you. : Rooftop Views

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Behind on your payment? FHA will work with you.

Colorado had the highest rate of home foreclosures in the nation during April and May of this year. The largest number were caused from people who had adjustable rate mortgages that they couldn't afford when payments rose.

FHA (Federal Housing Authority) has 4 percent of all Colorado mortgages. The goal at FHA is to keep people in their homes if at all possible.

To that end, they will work out a payment schedule with the borrower to more closely match the current need. They call this a loss-mitigation program.

Truth is, it is cheaper for any lender to keep you in your home than to foreclose on the property. Other lenders will also work with you if you fall behind on your payments. The key is to contact them first - before you fall too far behind - and work out a plan. They are actually eager to talk to you.

If you have an FHA mortgage and are having trouble making your payments call the federal loan help line at 1-888-297-8685. If you have a non-FHA mortgage, call your lender. Their phone number is on your payment book or monthly statement.

There are things you can do. Please don't wait til it's too late.