To help ensure that you can afford timely payments, maintain an emergency fund you can dip into when needed. There should be enough money in this account to pay for needed home repairs as well as emergency expenditures.

The easiest way to build an emergency fund is to ask your bank or credit union to automatically transfer funds monthly from your checking to your savings account. What you don't see, you won't miss.

If You Have Difficulty Making Payments Seek Help - Don't wait until you miss a loan payment to look for help. Seek assistance as soon as you are aware that you might have difficulty making payments on time.

Contact your lender, keeping in mind that all reputable lenders want you to succeed as a homeowner. Your lender will appreciate your call and should work with you to solve any problems.

Also consider contacting the agency that provided counseling before you purchased your home. These agencies often have post-purchase programs to assist homeowners in trouble.

If post-purchase counseling is not available, contact a local, non-profit consumer credit counseling agency. They can help you work with all of your creditors to manage your debts successfully.