Options to Stay in Your Home Overview

If you are facing a hardship—whether a financial hardship related to COVID-19 or other unexpected challenges—start exploring the mortgage relief options that can help you keep your home and avoid foreclosure.

If you’ve already missed mortgage payments or think that you might, now’s the time to take action. If your challenges are expected to be short-term, a forbearance plan can temporarily reduce or suspend your mortgage payments.

After that, you can repay the missed amounts all at once, through a more-gradual repayment plan, or with a payment deferral that’s due at the end of your loan term or when you sell your home, refinance, or otherwise pay off your loan.

If your monthly payment is no longer affordable, you may qualify for a refinance or loan modification for long-term relief.
Here’s an overview of possible options to help you stay in your home and avoid foreclosure:

An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.

  • Have time to improve your financial situation and get back on your feet
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

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An agreement between you and your mortgage company that lets you pay the past due amount—added on to your current mortgage payments—over a specified time period to bring your mortgage current.

  • Resolve your delinquency
  • Catch up on your past due payments over an extended period of time
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

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A repayment option that moves, or defers, past-due amounts to the end of your loan term and keeps your monthly payment the same.

  • Resolve your delinquency and bring your loan to a current status
  • Resume regular payments without immediate repayment of past-due amounts
  • Deferred amount does not accrue interest
  • Stay in your home and avoid foreclosure

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An agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc.

  • May reduce your monthly mortgage payments to a more affordable amount
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

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A new loan—with new terms, interest rates and monthly payments—that completely replaces your current mortgage.

  • Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
  • Creates no negative activity or event on your credit history
  • Stay in your home and avoid foreclosure

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