- 1). Ask for a lower mortgage payment. Contact your home loan lender and explain your situation. Your lender may reduce your home loan payment for a specified time period until you can get back on your feet financially.
- 2). Get a forbearance, which is a measure by which your mortgage lender temporarily suspends your home loan payments, usually for less than six months. This gives you time to overcome a financial challenge and helps lower the risk of foreclosure.
- 3). Request a mortgage modification. If you're unemployed, you won't qualify for refinancing your home loan to lower your payments. Instead, you might qualify for a loan modification, in which mortgage lenders alter the original terms of your mortgage agreement to reduce your interest rate or extend your loan's term. In turn, your monthly mortgage payment decreases, helping you to stay current on your mortgage.
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