Financial Hardship Can Come Upon Anyone

Can’t Pay Your Mortgage? Here Are Your Options:

If you’re facing financial hardship and struggling to make your mortgage payments, you’re not alone — and you do have options. Acting early can make a big difference!  Avoiding your lender does nothing but worsen your situation.

☑️What to Do First

If you’ve missed a payment or expect to miss one, contact your mortgage servicer right away. They may offer relief options to help you stay in your home. Ask how each option may affect your credit.

☑️Mortgage Relief Options

You may qualify for one or more of the following:

• Forbearance: Temporarily pause or reduce payments for a short period. Payments must be repaid later.

• Deferment: Postpone payments (sometimes up to 36 months) and repay them at the end of the loan.

• Loan Modification: Permanently change your loan terms to lower payments.

• Reinstatement: Catch up by paying all missed payments and fees at once.

• Refinancing: If interest rates are lower, refinancing may reduce your monthly payment.

☑️If You Can’t Afford to Catch Up

Long-term hardship may require other solutions:

• Sell your home if you have enough equity to pay off the loan.

• Short sale if your home is worth less than the loan balance (with lender approval).

• Foreclosure if no alternatives work — laws and timelines vary by state.

• Deed-in-lieu of foreclosure by voluntarily transferring ownership to the lender.

☑️Help After a Natural Disaster

Special forbearance and assistance programs may be available. Always confirm your status with your servicer before stopping payments.

✨Where to Get Help

• A REALTOR® can guide you to trusted local resources.

• HUD-approved housing counselors provide free guidance.

• State programs and nonprofits may offer financial support.

👺Watch Out for Scams 👺

Never pay upfront fees for mortgage-relief help. Scammers often target distressed homeowners.