I am one month behind on my mortgage payments, if I pay a portion towards a payment until I catch up will this negatively affect my credit? Are there any other steps that I can approach my lender with that they may be willing to accept.

You can contact the bank and request a loan modification.
This is short term.
If the bank refuses, to avaid foreclosure you need get the bank to agree to a short sale or deed in leu of forclusure. This would save your credit.
I know a really good short sale company that I have recently used on 2 investment properties.
Not sure if board rules will allow me to reveal the company name.
Just Google short sales and loan modifications

Hope this helped

Hello big:

It won't help your credit, but it'll save your house.

excon

Exon,
To clarify,
In a short sale you WILL still lose your house. But you won't have the "F" word or "B" word on your credit.
So your right it won't help your credit, but it will stop major damage for happening.

Hello Can:

Oh, I know what a short sale is. But if he's making payments he won't have either the "F" word or the "B" word. He'll have the "L" (late pay) word.

excon