If you’re falling behind on your mortgage: you’re not alone.  Over 45% of people have missed at least one mortgage payment, and 25% have missed more than one.  Although it can feel isolating or shameful, while you’re living through it: this is something many people have to deal with.

Here are the top ways to work through being late on your mortgage without losing your home.

Try to Refinance It

People fall behind on their mortgage payments because they can’t afford them anymore. So it’s not like you want to skip out on your bills or are refusing to pay; instead, the cost can be too expensive, especially if your financial situation changes.

Refinancing your mortgage when you’re already late on payments isn’t going to get you the best terms or interest rates, but if your lender is willing to, it can give you a lower monthly price stretched out over a longer time.

Some lenders are willing to roll your past due amount into your new loan, but that’s not guaranteed behavior to come from every lender.  They want you to pay your debt to them, so most will try to give you the tools to do that.

Rent A Room Out for Income

If you’re not making enough money to balance out a home payment calculator, it’s a good idea to consider where your income is coming from.  A great option for some people is to consider renting out a room, or several rooms, to help supplement your income.

Although you’ll have to deal with vetting renters and ensuring they’re trustworthy, you’ll also hopefully have enough money to start making your payments on time.

If you go for this option, ensure that you have clear receipts for your payments so that you don’t forget to pay taxes on them.  Although this can take a percentage off your income, you can upcharge rent a little to ensure you’re getting enough every month.

Set Up A Repayment Plan

Some lenders will allow you to set up a repayment plan.  This means that you’ll pay a small portion extra to make up for your late payments on top of your mortgage.  This may come with additional fees and can be hard to deal with if you’re already struggling to pay your bills.

This is the best option for those who temporarily lost work but now are more than financially capable of handling their bills.

Seek Forbearance

Forbearance is often the best option for people who are behind on paying their mortgage.  This is when your lender or mortgage services allow you to pay at a lower payment or pause paying your mortgage altogether for a select amount of time.

This isn’t a permanent solution and doesn’t erase the money that you already owe, but it can make it a lot easier to pay it back if you’re not worried about making rent at the same time.

Falling behind on your mortgage is something many people have to go through; how you react to it can mean the difference between whether or not you keep your home.

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