If your home payment is becoming unaffordable, contact your mortgage servicer as soon as you expect trouble and ask for its mortgage-assistance or loss-mitigation team. The right solution depends on why the payment changed, your loan type, and whether your hardship is temporary or ongoing. A higher market rate alone usually does not raise the principal-and-interest payment on an existing fixed-rate mortgage; an adjustable-rate loan, changing escrow costs, or a new loan after refinancing can affect what you pay.
First, find out what changed in your payment
Before choosing a solution, identify which part of the bill is higher. A mortgage statement may combine principal and interest with amounts collected for property taxes, homeowners insurance, or other escrowed costs. A change to one part does not necessarily mean the interest rate on the loan changed.
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- Fixed-rate loan: Rising market rates generally do not change the loan’s principal-and-interest payment. The total bill can still change if escrow costs change.
- Adjustable-rate loan: The loan’s interest rate and payment may change under its terms. Check the adjustment notice and loan documents, and ask the servicer to explain the new payment.
- Refinanced loan: Refinancing replaces the current mortgage with a new one, whose rate, term, costs, and payment may differ. Compare an actual offer with your current loan rather than assuming a refinance will save money.
The available guidance confirms that adjustable-rate changes and escrow issues can affect payments, but does not establish the detailed mechanics of a particular loan or escrow increase. Ask the servicer to identify the exact cause and show how the payment was calculated before deciding what to do.
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Contact the servicer before you miss a payment
The Consumer Financial Protection Bureau (CFPB) advises borrowers who cannot pay—or are worried about missing a payment—to call the servicer right away. Its page “If I can’t pay my mortgage loan, what are my options?” was last reviewed August 28, 2026. The number is on your mortgage statement. Ask for the mortgage-assistance or loss-mitigation department, explain that you need to discuss an affordable payment, and ask how to apply for assistance.
The CFPB’s guidance puts it plainly: “If you can’t pay your mortgage or are worried about missing a mortgage payment, call your mortgage servicer right away.” You do not need to wait until a payment is missed to raise the issue. Early contact gives you a chance to understand the application process and learn which options the servicer will consider. It does not guarantee approval, but waiting can leave less time to review offers and respond to requests.
Be ready to describe the cause of the shortfall, whether you expect it to be temporary or ongoing, your income and expenses, and any assets that may be relevant. Give a realistic monthly payment target rather than promising an amount you may not be able to sustain. Ask which documents are required, how to submit them, and how to confirm that the application is complete.
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For example, explain whether the problem began after a loss of income, a household expense change, or an increase in the total bill, and whether you expect that situation to improve. The servicer may need a clear picture of both your current finances and the likely duration of the hardship. Do not guess at a payment target just to move the conversation along; tell the representative what amount you believe you can manage and ask how that figure will be considered.
Keep a record of every contact: the date, the representative’s name, what was requested, and any deadlines or next steps. Save copies of documents and written offers. If the servicer proposes relief, request the terms in writing and make sure you understand them before agreeing.
A simple contact log can help: note the phone number used, the department reached, the documents requested, how and where to send them, and the date the servicer says it will follow up. If you do not understand an instruction, ask the representative to repeat or explain it. Keep your own copies rather than relying only on what was sent or discussed verbally.
Compare payment-relief options
There is no single option that fits every borrower. Availability and terms depend on factors such as loan type, investor or insurer rules, payment status, hardship, and servicer review. The table describes possible paths, not guaranteed approvals.
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| Option | How it may help | What to examine |
|---|---|---|
| Refinance | Replaces the current mortgage. A lower rate or a longer repayment term may reduce the monthly payment. | Qualification, fees, new rate, term, and total repayment. The CFPB describes refinancing as an option particularly when rates are lower or a longer term would help, and recent payments are current. Do not assume it will reduce your payment without comparing an actual offer. |
| Loan modification | Changes terms of the existing loan. Depending on the arrangement, it may lower the rate, extend the term, or forbear or reduce principal. | Eligibility, treatment of past-due amounts, the new payment, and the balance and total cost over time. Terms depend on the loan and servicer. |
| Repayment plan | Spreads missed payments over time while regular payments resume. | The temporary added monthly amount, plan length, and whether the combined payment is affordable. HUD lists repayment plans among options for FHA borrowers. |
| Forbearance | Temporarily pauses or reduces payments during a temporary hardship. | Reduced or paused payments are not forgiven. Get written terms for the pause and a clear explanation of what you must pay afterward. |
| FHA partial claim or payment supplement | For eligible FHA borrowers, a partial claim may place past-due sums in an interest-free subordinate lien. A payment supplement uses a partial claim to resolve delinquency and temporarily reduce payments for three years. | Confirm FHA eligibility, lien terms, repayment triggers, the three-year duration of the supplement, and the payment after it ends. HUD says FHA partial claims are generally deferred until specified events. |
| Short sale or deed-in-lieu | May be considered when keeping the home is not affordable and the borrower needs to discuss disposition options. | These are ways to address the home and mortgage, not plans to lower the ongoing payment while retaining the home. Ask about consequences and obtain qualified advice. |
Think of the options in two broad groups. A refinance or modification may change the loan arrangement over a longer period, while forbearance or a payment supplement may provide temporary relief. A repayment plan can help address missed payments, but it adds an amount to regular payments for a period. A short sale or deed-in-lieu is different: it concerns leaving or transferring the home rather than making the ongoing payment more affordable while you stay.
For a refinance, ask for the proposed rate, term, fees, and monthly payment in writing. Compare them with the current mortgage and include the effect of extending repayment: a longer term may reduce the monthly bill while increasing the time you owe and potentially the total amount repaid. Qualification is not automatic, and the CFPB notes refinancing as an option particularly when rates are lower or a longer term would help and recent payments are current.
A modification changes the existing loan rather than replacing it with a new mortgage. The CFPB’s page “What is a mortgage loan modification?”, last reviewed September 4, 2020, says: “The modification can reduce your monthly payment to an amount you can afford.” A modification may extend repayment, reduce the interest rate, or address principal through forbearance or reduction, depending on the offer. Ask how overdue amounts will be handled and whether the terms change the balance, payment duration, or amount ultimately owed.
Forbearance is intended as temporary relief during a temporary hardship. It may pause or reduce payments for a time, but the missed or reduced amounts are not forgiven. Before accepting, ask when the pause starts and ends, what payments are due during it, and what happens immediately afterward. Do not assume the amount will simply be added to the end of the loan; get the repayment arrangement in writing.
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If you have an FHA-insured mortgage, ask whether an FHA partial claim or payment supplement could apply. Under a partial claim, eligible past-due sums may be placed in an interest-free subordinate lien. HUD says repayment is generally deferred until specified events, including the final mortgage payment, a sale, assumption, title transfer, or certain refinances. A payment supplement uses a partial claim to resolve delinquency and temporarily reduce payments for three years. Confirm the lien terms, which later events trigger repayment, and the amount due after the supplement period; do not assume the same terms apply to every FHA borrower.
The CFPB’s modification explainer says a modification can reduce a monthly payment to an affordable amount. That outcome is not automatic: the servicer evaluates the application and determines the terms available for the loan. Do not assume an option is available until the servicer confirms it.
Look beyond the new monthly amount
A smaller payment can offer breathing room but may shift costs into the future. Compare the full terms of each offer, not just the monthly figure. Ask the servicer to show what is due now, what will be added to the balance or owed later, and when deferred amounts become payable.
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- Monthly payment: What will you pay during the relief period, and what will the payment be when that period ends?
- Upfront and ongoing costs: Are there fees, closing costs, or other charges? How will they be paid or added to the loan?
- Balance and total repayment: Are missed payments added to principal or handled another way? What is the estimated balance and total amount repaid under the proposal?
- Term and interest: Does repayment take longer, and how does that change total interest or other costs?
- Arrears: Are overdue amounts due immediately, spread across future payments, deferred, or included in a new balance?
- Lien or title effects: Does the arrangement create a subordinate claim or otherwise affect the lien or title?
- What if hardship continues? What happens if your income does not recover by the end of a temporary plan?
Use the same questions for every proposal so you can compare them fairly. A lower payment for a limited period is not directly comparable to a permanently changed payment unless you know when each amount begins and ends. Ask for a schedule that shows the payment during relief, the payment afterward, any deferred balance, and the date or event when deferred sums become due.
If an offer adds past-due amounts to the loan balance, ask what that means for the amount owed and future payments. If repayment is spread across regular payments, ask how long the higher temporary payment will last. If a subordinate lien is involved, ask who holds it, whether it accrues interest, and what events require repayment. These are important differences: the same apparent monthly relief can carry very different future obligations.
For FHA partial claims, HUD says deferred repayment is generally triggered by specified events, including the final mortgage payment, sale, assumption, transfer of title, or certain refinances. Confirm which terms apply to your particular offer; do not assume every FHA arrangement has identical conditions.
Get independent help from a housing counselor
A HUD-approved housing counselor can help you organize your finances, understand possible options, and communicate with the servicer. Counseling is often free or low-cost, though agencies differ in the services they provide. When you contact one, confirm that the agency handles foreclosure prevention and mortgage assistance.
You can locate agencies through the CFPB’s official housing-counselor finder. The CFPB also identifies the HOPE Hotline at (888) 995-HOPE (4673); its guidance says it is available around the clock. A counselor can help you prepare questions and understand an offer, but the servicer must confirm what relief is available on your loan.
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Use this action sequence
- Review the bill and notices. Identify the amount that changed and any explanation the servicer provided. If the cause is unclear, ask for a breakdown of principal and interest, escrow, and other charges.
- Call the servicer promptly. Use the number on your mortgage statement and ask for the mortgage-assistance or loss-mitigation department. Tell them you are concerned about affordability and ask how to start an assistance application.
- Prepare your financial picture. Be ready to explain the hardship and its likely duration, your income and expenses, available assets, and the monthly amount you believe you can afford.
- Ask what the application needs. Confirm the required documents, how to submit them, and how to verify that the servicer has received a complete application. Keep copies and a contact log.
- Speak with a HUD-approved counselor. Use the CFPB finder or call the HOPE Hotline. Confirm the agency provides mortgage-assistance or foreclosure-prevention counseling.
- Compare written offers. Evaluate the payment now and later, fees, total repayment, term, treatment of arrears, and any lien or title effects. Ask questions about anything the offer does not explain.
- Get legal help when needed. If foreclosure papers have arrived or a sale is imminent, the CFPB advises that you may also need an attorney. Procedures and deadlines vary by state, so do not rely on general guidance for a state-specific deadline.
When you submit an application, follow the servicer’s instructions for how to send each document and ask how to confirm receipt. Keep a copy of what you sent and a record of any follow-up request. If the servicer says an application is incomplete, ask exactly what is missing and how to provide it. The available guidance does not establish one universal document list or timeline; the servicer must tell you what it needs for your situation.
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- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
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- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
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When a written offer arrives, take time to read it and ask for clarification before agreeing. A useful set of questions is: What do I pay now? What do I pay after the relief period? What happens to overdue amounts? Are there fees or a new lien? What happens if my hardship continues? If the offer does not answer these questions, ask the servicer or a housing counselor to help you understand it.
If foreclosure papers have arrived or a sale is imminent, do not treat a phone call or general article as a substitute for legal advice. The CFPB says an attorney may also be needed in that situation. State procedures and deadlines vary, so promptly seek qualified legal help for the papers and dates that apply to your case.
Recognize mortgage-rescue warning signs
CFPB guidance says foreclosure-prevention help from servicers and HUD-approved counselors is available without an upfront fee. Be cautious of anyone who guarantees a result, asks you to sign over title, tells you to stop paying your servicer, or instructs you to send mortgage payments to them instead. Do not sign documents you do not understand; take them to a counselor or qualified attorney for review.
A promise that someone can guarantee approval is not a substitute for the servicer’s review. Likewise, a request to transfer title or route payments through a third party deserves particular caution. Use the number on your statement to contact your servicer directly, and verify any proposed arrangement with the servicer or a HUD-approved counselor before signing or paying anyone.
What you can—and cannot—assume
This is general U.S.-focused information, not an eligibility determination or individualized financial or legal advice. Available programs can depend on loan type—including whether a loan is FHA-insured—investor or insurer requirements, payment status, hardship, state, and servicer review. Ask the servicer and a counselor to confirm current terms for your loan.
The CFPB pages cited here have different review dates: the general mortgage-options guidance was reviewed August 28, 2026, while the modification explainer was reviewed September 4, 2020. Program terms can change, so verify the current offer and applicable conditions directly. No general market-rate quote can establish that refinancing would lower your payment; only a comparison using your current loan and an actual new-loan offer can answer that for you.
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Will higher mortgage rates raise the payment on my existing fixed-rate mortgage?
Generally, no. Higher market rates alone do not change the principal-and-interest payment on an existing fixed-rate loan. Your total bill can still change if escrow costs change. An adjustable-rate loan or a new mortgage after refinancing may have a different payment, so ask the servicer to identify which part of your bill changed.
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What should I do first if I may miss a mortgage payment?
Call the servicer using the number on your mortgage statement and ask for the mortgage-assistance or loss-mitigation department. Explain the hardship, whether it is temporary or ongoing, your income and expenses, and a realistic payment target. Ask how to apply and what documents are required.
Can refinancing always lower my mortgage payment?
No. A refinance replaces your current mortgage with a new loan, and qualification, fees, rate, and term all matter. A lower rate or longer term may reduce the monthly payment, but compare an actual written offer with your current loan and consider total repayment before deciding.
Does mortgage forbearance erase missed payments?
No. Forbearance temporarily pauses or reduces payments during a hardship, but the reduced or missed amounts are not forgiven. Get written terms explaining the relief period and what you must pay afterward.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallWhat is the difference between a modification and a repayment plan?
A modification changes terms of the existing loan and may lower the payment through changes such as extending the term or reducing the rate. A repayment plan spreads missed payments over time while regular payments resume, so it adds to the monthly amount temporarily. Ask the servicer to explain eligibility and the full payment schedule for either offer.
What is an FHA partial claim, and when might it be repaid?
For eligible FHA borrowers, a partial claim may place past-due sums in an interest-free subordinate lien. HUD says repayment is generally deferred until specified events, including the final mortgage payment, sale, assumption, title transfer, or certain refinances. Confirm the exact lien terms and repayment triggers for your offer.
Where can I get mortgage help without paying an upfront fee?
A HUD-approved housing counselor can help you organize finances, understand possible options, and communicate with your servicer; counseling is often free or low-cost. Find agencies through the CFPB’s official housing-counselor finder or call the HOPE Hotline at (888) 995-HOPE (4673), which CFPB guidance says is available around the clock. Confirm that the agency handles mortgage assistance or foreclosure prevention.
What if I have received foreclosure papers or a sale is imminent?
The CFPB advises that you may also need an attorney. State procedures and deadlines vary, so seek qualified legal help promptly rather than relying on general guidance to determine a deadline.
The Bottom Line
If your mortgage is becoming unaffordable, identify what changed and contact your servicer promptly to ask about assistance. Compare written offers by the payment now and later, fees, total repayment, treatment of overdue amounts, and any lien or title effects. A HUD-approved housing counselor can help you evaluate options; do not pay upfront for guaranteed foreclosure-prevention results.
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