To explore mortgage aid alternatives such as forbearance and loan modification, contact your lender as soon as possible. Here are some things you can do if you’re worried about missing one or more payments or if you’re behind on your mortgage.

Contact your lender ASAP

Many people lose their houses to foreclosure because they are in denial. Ignoring a foreclosure notice, however, will not solve the problem. In fact, the longer you wait, the fewer options you will have. As a result, if you’re having trouble paying your mortgage, you should contact your lender immediately to see if you can work out a solution.

According to the Consumer Financial Protection Bureau in the United States, you should be ready to explain why you are unable to pay your mortgage, whether the situation is temporary, and specifics about your income. Helping a borrower maintain their house might be a best-case situation for lenders, especially when the market is already swamped with foreclosed homes. You can also chat to a housing counselor at the Consumer Financial Protection Bureau about your choices.


When your mortgage servicer or lender permits you to halt or lower your mortgage payments for a set period of time while you rebuild your finances, this is known as forbearance. There will be no additional fees, fines, or interest (above the regular amounts) charged to your account for most loans, and you will not be required to provide additional documents to qualify. Your payments are not forgiven or erased just because you are in forbearance. You must still pay back any missing payments, which may usually be done over time or when you refinance or sell your house.

Loan Modification

A loan modification can harm your credit, it is not as harmful as a foreclosure. A loan modification can be requested on its own or after a forbearance period. If you want to request a loan modification without going through forbearance, you’ll need to show proof of financial hardship. Loan modifications are often reserved for homeowners who are about to fail on their mortgage or are currently behind on their payments. To evaluate if you can afford the modified payments, your lender may put you on a trial payment period (typically three months).


Mortgage refinancing might save you money by lowering your monthly payments or allowing you to acquire a shorter loan term. However, it’s critical to weigh the pros and cons of refinancing before deciding if it’s suitable for you. Although refinancing comes with its own set of fees, it’s critical to assess your financial situation and determine whether or not a refinance is the best option for you, as well as how much money you’ll save.