catch up home mortgage loan

First Time Home Buyer

How to Catch Up on Your Home Mortgage Loan

Life happens. Still, there’s nothing worse than the sinking feeling that you’re behind on your home mortgage loan. Your home is your biggest investment and being behind on your mortgage likely raises some questions about the uncertainty of the future. 

Though you’re probably combatting some feelings of failure, it may be helpful to know that you’re not alone, nor are you the first person to encounter this type of situation. Studies found that even before the pandemic, approximately every 1 out of 20 Americans had fallen behind on their mortgage at some point in time. 

This doesn’t mean you should take the situation lightly, but there’s also no need to panic. You still have options. Below, we’ve shared some strategies for helping you catch up on your home mortgage loan.


What to Do When You’re Behind on Your Mortgage

When you fall behind on your mortgage, the very first thing you should do is contact your lender. You may be nervous about doing this, but it’s best not to put it off. It’s better to let them know what’s going on so they can help you. This isn’t the first time they’ve encountered this situation, and you may find that they’re more understanding than you’d thought they would be. Also, they can help you explore options for catching up on your payments. 


Getting Back on Track with Your Mortgage Payments

We know that falling behind on your mortgage isn’t exactly ideal and it’s probably caused you a lot of stress. But it’s important to remember, it’s not the end of the world. With the right strategy, you can find a way out of the situation and get back on track. Here are some options that are worth looking into:



You can ask to have your lender put your payments in forbearance. When your home mortgage loan is in forbearance, your payments will be temporarily reduced or put on hold for a certain period. Then, when the forbearance period ends, you can pay back the money in a lump sum or through installments. 


Repayment Plan

Perhaps you lost your job or had unexpected medical expenses and missed some payments. But now your financial situation has improved. You can try to work with your lender to come up with a repayment plan to make up for what you’ve missed. 


Loan Modification

An alternative to a repayment plan would be to request a home mortgage loan modification. Loan modifications are kind of like refinances. You get a new loan with different terms and interest rates. This can allow you to get up to speed on your mortgage and also reduce your monthly payments. 


Other Options

In addition to the strategies mentioned above, there are other options you can pursue. Some examples include principal reduction, getting rid of your PMI, shopping around for property insurance, and seeking local resources to help avoid foreclosure. Remember, help is out there – you just have to be willing to look for it! 


Need Guidance?

We’re here to help! Call our office today to speak to an expert about your home mortgage loan.