Options that can help you stay in your home

When you talk to your mortgage servicer, or a housing counselor, they might bring up the options below. Take a look at the descriptions and short explanations, to prepare for those conversations.

SCHEDULE AN APPOINTMENT

Options that can help you stay in your home

Before meeting with YOUR Home Advocate. Read through these options and write down any questions you may have. Prepare for your confidential consultation

Refinance

Consider refinancing if interest rates for new mortgages are lower than the rate you have now or extending your loan term would lower your monthly payments, and if you haven’t missed any recent payments.

How it works: You get a new mortgage to pay off your existing mortgage. You apply with a lender, qualify for the new loan, and pay the associated fees. The new lender may be able to lower your monthly payment by getting you a new interest rate, giving you a mortgage that takes longer to pay off, or both.

PDF handout: Should I refinance?

Modification

Consider contacting your servicer for a loan modification if you can no longer afford to make your regular mortgage payment.

How it works: A modification changes the terms of your loan. All or some of your missed payments are added to the amount you owe. Your monthly payments could also be lower, but it could take longer to pay off your loan.

Find out more about mortgage loan modifications

Forbearance

Consider requesting forbearance from your servicer if you are having a temporary money setback like a job loss, illness, disability, or natural disaster.

How it works: Your mortgage payments are paused or reduced for a limited time while you get back on your feet. Forbearance doesn’t mean your payments are forgiven or erased. You can talk with your servicer about how to pay back your missed payments—over time, or when you refinance or sell your home.

See how to request forbearance

Look ahead to ways for exiting forbearance in future

Refinance

Consider refinancing if interest rates for new mortgages are lower than the rate you have now or extending your loan term would lower your monthly payments.

How it works: You get a new mortgage to pay off your existing mortgage. You apply with a lender, qualify for the new loan, and pay the associated fees. The new lender may be able to lower your monthly payment by getting you a new interest rate, giving you a mortgage that may take longer to pay off.

PDF handout: Should I refinance?

Modification

You and your Home Advocate can contact your servicer for a loan modification if you can no longer afford to make your regular mortgage payment.

How it works: A modification changes the terms of your loan. All or some of your missed payments are added to the amount you owe. Your monthly payments could also be lower, but it could take longer to pay off your loan as most recent loan modifications are extended to a 40 year payoff

Find out more about mortgage loan modifications

Forbearance

Consider requesting a forbearance from your servicer if you are having a temporary money setback like a job loss, illness, disability, or natural disaster.

How it works: Your mortgage payments are paused or reduced for a limited time while you get back on your feet. Forbearance doesn’t mean your payments are forgiven or erased. You can talk with your servicer about how to pay back your missed payments—over time, or when you refinance or sell your home.

See how to request forbearance

Look ahead to ways for exiting forbearance in future

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