I am several months behind on my payments. I don’t have the money to catch up. What are my options for keeping my house?

Loan Modification

Even if you are behind on your payments and cannot afford to catch up, there still may be options with your lender. Most lenders will consider borrowers who are behind on payments for a loan modification. A loan modification changes your mortgage and could bring you current and possibly lower your monthly payment.

Making Home Affordable Program

Many lenders are participating in the Federal Government's Making Home Affordable Program, which requires lenders to modify qualifying borrowers' loans to 31% of their monthly income. For more information on this program, visit the Making Home Affordable website.

Forbearance Plan

If you are currently seeking employment or another income source, your lender may consider putting you on a forbearance plan. A forbearance plan allows you to make a decreased payment each month to avoid foreclosure while you seek more income.

Special Loan Programs

In addition, if you have an FHA, VA, or a USDA Rural Development Loan, there are options available through these programs.

All of these options are only available if you seek them through your lender, so take action as soon as possible to contact your lender directly or contact a housing counselor to assist you.

You should never pay a company to negotiate with your lender on your behalf. These services are available for free at the agencies below.