According to the FHA, if you are facing a potential foreclosure, you need to gather and prepare the following:
1. Loan number and recent payment history.
2. Brief expalnation of circumstances. Are financial problems temporary or permanent?
3. Recent income documentation, including paystubs or tax returns.
4. A list of household expenses -- utility bills, food, insurance.
5. A list of other debt obligations -- credit card, car loans, etc.
You also need to be aware of foreclosure laws in your state. A place to check on the web is www.foreclosurelaw.org.
You must then determine from your mortgage agreement what is allowed under state law regarding, "Notification of intent to foreclose", "Nonjudicial foreclosure", "Right of redemption" and "Deficiency Judgement".
If you or your spouse is on active military duty, you are protected under the Civil Relief Act of 2003 from a lender foreclosing.
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