If I cannot pay my mortgage, what are my options?

Contact the servicer as soon as you are at risk of missing a payment. The phone number is usually on the monthly statement, coupon book, or the servicer's website. If you do not know the servicer, a HUD-approved housing counseling agency can help you find it. Be ready to explain why you cannot pay, whether the problem is temporary or lasting, your income, expenses, and assets, and, if you are a servicemember, any permanent change-of-station orders.

If the servicer gives you a mortgage-assistance application, complete it. The servicer reviews that application and tells you which loss-mitigation options, if any, it can offer. Options that might be available include a refinance, a loan modification, a repayment plan, forbearance, a short sale, or a deed-in-lieu of foreclosure. Availability depends on the servicer and your situation.

A HUD-approved counselor can explain those options, help with paperwork, and work on budgeting at little or no cost. If foreclosure is imminent or you have legal papers, you may also need an attorney. The CFPB says you do not have to pay someone to help you avoid foreclosure; help is available at no cost from the servicer or a HUD-approved agency.