Get help before you fall behind on your FHA mortgage

On Friday, the Federal Housing Administration announced that it will assist borrowers before they become delinquent on their mortgage. Borrowers will need to prove financial problems caused by job loss, fewer hours, lower wages or less self-employed earnings.

Borrowers may also qualify based on a change in circumstances, such as a death or disability.

The workouts available include forbearance, a postponement or reduction in payments for a specified period. This does not actually forgive the payments, the arrearages are added to balance later in the mortgage term.

In more severe cases, borrowers may qualify for permanent payment reductions. This may be done by increasing the term of the loan, reducing the interest rate or even forgiving principal -- or a combination of the three.