Do you want to keep your home? If you doâ€¦ apply for a loan modification. You will have a lot of paperwork to get the bank, but the rewards are generally worth it. I know people that have had their interest rates dropped to 2%, an unbelievable savings. If you are being contacted from some of the loan modification companies, do not pay them until you check them out on BBB or with the Attorney Generalâ€™s office. Some of these calls are scams and take you much needed capital and give you little in return. Know this is something you can do yourself simply contact your bank and ask for a loan modification package. It is a lot of work but worth it, it can have quite a difference in your payment. In some cases it can drop your payment lower than the rent you will pay after the sale.