What if you can’t make mortgage payments?

Always make your mortgage payments on time. If you can’t, you need to call your lender immediately.

Even the most reliable borrowers sometimes fail to meet every payment on its due date. An unexpected crisis (long illness, job loss etc.) can negatively impact your ability to pay. Don’t be intimidated or embarrassed to call your lender. It’s essential that you call them, because they want to help you and can only do so if you contact them. (Be sure to call the company to whom you currently send your loan payment, not the company who originated your mortgage.)

A couple looking worried.

Take immediate steps to save your home:

  1. Contact your lender
  2. Contact a housing counseling agency
  3. Negotiate a solution

The last resort generally for both the lender and the customer is foreclosure, which will have a major negative impact on you. As the result of a foreclosure, the lender becomes the owner of your home and you must move out. The lender might also pursue you through the courts for money you still owe on your mortgage. Calling your lender as soon as you have trouble paying your mortgage is the best way to avoid this.

Note: Avoid companies that charge you a high fee upfront and claim they can help you avoid foreclosure. These could be scams!

For specific steps you can take to avoid foreclosure, click the Next button.