If you can’t pay your mortgage or are worried about missing a mortgage payment, call your lender right away. The longer you wait to call, the fewer options you will have.
When you call your lender, be prepared to explain: why you are unable to make your payment, whether the problem is temporary or permanent, and details about your income, expenses and other assets like cash in the bank.
Many mortgage servicers have programs to help people avoid foreclosure. Your lender will look at your situation to consider options that might be available.
You may be asked to fill out a mortgage assistance application. After the lender reviews the completed application, it will let you know what loss mitigation options, if any, it will offer to you.
You can also speak to a housing counselor through the Department of Housing and Urban Development to discuss your situation and to determine whether you qualify for any programs or additional help.