Debunking Myths About Mortgage Assistance
Understanding mortgage assistance options (and how they work) can feel overwhelming.
Get the facts
Let's debunk four common mortgage assistance myths — and explain why it doesn’t hurt to ask about your options as early as possible.
Different mortgage assistance options
Mortgage assistance comes in many forms. Determining which type is most suitable for you depends on your financial situation — such as how much you owe, how much you earn, and what other expenses you have each month.
Is one of these options right for you?
Refinance—Replace current mortgage with a new loan with new terms
Forbearance—Temporarily reduce or suspend monthly payments
Reinstatement—Pay the total missed amount all at once
Repayment plan—Pay past-due amounts over multiple months
Payment deferral—Delay past-due amounts to end of loan term
Loan modification—Change the terms of your existing loan
Is one of these options right for you?
Sale with equity: Sell home, pay off mortgage, and keep leftover amount
Short sale: Sell home for less than remaining mortgage balance
Mortgage Release™: Transfer ownership and all financial responsibility
Is one of these options right for you?
Refinance—Replace current mortgage with a new loan with new terms
Forbearance—Temporarily reduce or suspend monthly payments
Reinstatement—Pay the total missed amount all at once
Repayment plan—Pay past-due amounts over multiple months
Payment deferral—Delay past-due amounts to end of loan term
Loan modification—Change the terms of your existing loan
Is one of these options right for you?
Sale with equity: Sell home, pay off mortgage, and keep leftover amount
Short sale: Sell home for less than remaining mortgage balance
Mortgage Release™: Transfer ownership and all financial responsibility
If you need help, contact your mortgage servicer today
Remember that it’s never too early to get in touch with your mortgage servicer to explore what mortgage assistance options are available to you.
If you don’t feel ready or would like additional support, contact a HUD-approved housing counselor.
As a professional third party, they’ll review your situation and be there with you to advise on mortgage assistance each step of the way, free of charge.
More to explore
Talk to a Housing Counselor
If you’re experiencing financial hardship or the aftermath of disaster, talk to a housing counselor. They can help you create a plan and learn about your options.
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Tips for Talking to Your Mortgage Servicer
Financial hardship or disaster can happen to anyone. If they happen to you, use these tips to talk to your loan servicer about ways to get past this difficult period.
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Tips for Talking to Your Landlord
Having trouble paying your rent? Use this advice to help guide a conversation with your landlord.
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