Make sure you pay your monthly payments but yet if you do miss them due to any serious or unforeseen reason, get in contact with the bank as soon as possible with the hardship letter. Try to explain your reason for not paying the monthly payments in the best manner. The reason should be valid, justified and legal.

· Have adequate proofs with you to prove your reasons as well as your present financial condition.

· If your mortgage plan is owned or insured by Fannie Mae and Freddie Mac, you can look forward to refinance or loan modification.

· You may go for professional help regarding modification from the counselors. These counselors present your case in a more professional way. They do not even charge you unlike the private organizations.