If a HELOC or home equity loan payment may be unaffordable, contact the servicer immediately, explain the hardship, and request the available assistance options in writing. Do not wait for repeated missed payments or a foreclosure notice. These loans are secured by your home, so unresolved delinquency can ultimately threaten your ownership.
Prepare your income, expenses, assets, loan statements, and a realistic sustainable payment before you call. Free help is available through HUD-approved housing counselors; legal advice is important if you receive court papers or a sale date.
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Why missing a home-equity payment is serious
A home equity loan and a home equity line of credit (HELOC) are secured debts. Your home is collateral, so the lender may have foreclosure rights if you do not repay according to the contract. The Consumer Financial Protection Bureau (CFPB) puts the risk plainly: “If you fall behind or can’t repay the loan on schedule, you could lose your home.”
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These obligations usually sit behind a first mortgage as a second lien, but they are still separate payment obligations. A missed payment can lead to late charges, delinquency reporting, collection activity, legal action, and eventually foreclosure. The exact consequences depend on your note, the lien’s priority, your servicer, and state law.
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Do not assume that a paid-up first mortgage protects you from consequences on the HELOC or home equity loan. Likewise, do not assume a lender will automatically let you skip payments, extend the term, or borrow more money to cover the shortfall.
First steps when you know a payment may be unaffordable
- Call the servicer promptly. Use the telephone number on your statement or the servicer’s official website. Ask for the department or specialist that handles payment assistance, hardship, or loss mitigation. Continue accepting calls from the servicer while your request is reviewed.
- Describe the hardship accurately. State what changed, when it began, and whether you expect it to be temporary, recurring, or permanent. Examples include job loss, reduced hours, illness, divorce, a major repair, or a sharp increase in household expenses.
- Assemble a financial snapshot. Write down gross and take-home income for everyone contributing to the household, essential monthly expenses, debts, cash, investments, vehicles, property, and other available assets. Keep recent pay statements, benefit letters, bank statements, tax returns, and expense records available in case the servicer requests them.
- Calculate a payment you can actually sustain. Do not offer an amount simply to obtain a temporary approval. Include the first mortgage, utilities, insurance, taxes, food, transportation, medical costs, and other secured debts when assessing affordability.
- Ask for every available option for this specific loan. Request eligibility requirements, deadlines, fees, interest-rate changes, treatment of missed payments, and consequences for the lien in writing.
- Keep a call log. Record the date, department, representative’s name or identification number, documents requested, promises made, and when you should expect a decision. Save letters, emails, upload confirmations, and payment receipts.
The CFPB’s foreclosure guidance says, “The most important thing you can do when you’re having trouble paying your mortgage is take control.” That means opening communication early rather than waiting for a demand letter.
Know which product you have
| Feature | Home equity loan | HELOC |
|---|---|---|
| How funds are provided | Usually a lump sum advanced at closing | Revolving credit that can be borrowed repeatedly during the draw period |
| Interest rate | May be fixed or adjustable | Commonly variable, so the payment can change with the rate and outstanding balance |
| Payment pattern | Scheduled principal-and-interest payments under the note | Draw-period payments may differ from later repayment-period payments |
| Transition risk | Terms are generally established from the start | When the draw period ends, borrowing stops and repayment begins; the payment can rise substantially |
| Large final payment | Depends on the contract | Some agreements require a balloon payment or repayment of the remaining balance at once |
| Collateral | The home secures the debt; failure to repay can put the home at risk | |
A HELOC lender may also freeze or reduce further draws if your financial circumstances change and the lender doubts you can repay, or if the home’s value falls significantly. Do not build a payment plan around money you might be able to draw later.
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Availability is contract- and situation-specific. Ask the servicer to explain the actual terms rather than assuming that an option is an entitlement.
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Repayment plan
A repayment plan adds part of your missed amount to regular payments until the arrears are cured. For example, if you owe several missed installments, the servicer may require the normal payment plus an additional amount each month. The higher payment must fit your budget. CFPB explains that the loan may still be considered delinquent until the arrears are fully repaid, even while you are making the plan payments.
Before accepting, obtain the exact monthly amount, duration, interest and fees, consequences of a late plan payment, and the date on which the account will be current.
Forbearance
Forbearance may temporarily reduce or suspend payments. It does not erase what you owe. Ask when suspended amounts become due, whether they are added to the balance, whether interest continues to accrue, and whether a lump-sum payoff, repayment plan, or modification will follow. A pause that ends with an unaffordable lump sum is not a solution unless you have a credible way to pay it.
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Loan modification
A modification changes one or more loan terms, potentially including the interest rate, payment schedule, maturity, or treatment of arrears. Request a written comparison of the new payment, total interest, fees, new payoff date, and any effect on lien status. Approval is not automatic, and the servicer may require a complete financial package before deciding.
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Refinancing or replacement financing
Refinancing may replace the existing obligation, but approval depends on credit, income, equity, property value, and lender rules. A lower payment can come with a longer term, higher total interest, closing costs, or a new lien structure. Do not take on new credit simply to postpone an unaffordable problem, and compare the full cost rather than only the advertised payment.
Short sale
If keeping the home is not feasible, a short sale involves selling it for less than the debt with the lienholder’s approval. Ask in writing whether the lender will waive any deficiency, how sale proceeds will be applied, who pays transaction costs, and whether another lienholder must consent. Do not list or accept an offer on the assumption that approval is guaranteed.
Deed-in-lieu of foreclosure
A deed-in-lieu transfers the property to the lender instead of completing a foreclosure. It can affect ownership, moving arrangements, credit, taxes, and any remaining deficiency. Confirm every lien, obtain written release terms, and ask whether you will be responsible for a balance after the transfer.
How to compare offers
If the servicer presents several alternatives, compare them on the same worksheet:
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- Affordable payment: What is due each month, including the first mortgage and escrowed costs, and can you sustain it after the assistance period?
- Arrears treatment: Are missed payments added to the balance, spread over future installments, due at the end, or forgiven?
- Total cost: Include interest, late fees, legal fees, modification charges, closing costs, and the projected payoff amount.
- Foreclosure status: Does the option pause or change collection or foreclosure activity? Obtain written confirmation and comply with every deadline.
- Ownership and deficiency: If the home is sold or transferred, will you retain ownership, and could a remaining balance still be pursued?
- Eligibility and documents: What income proof, hardship statement, valuation, signatures, and response dates are required?
Ask a HUD-approved counselor or lawyer to review confusing terms before signing. A verbal assurance that “everything is on hold” is not a substitute for written terms from the party servicing or enforcing the lien.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Foreclosure timing: do not rely on a generic countdown
CFPB guidance last reviewed January 2, 2025, says the general mortgage foreclosure legal process generally cannot start until a borrower is at least 120 days delinquent. The time from the start of that legal process to a sale varies by state.
That statement is general mortgage guidance. It does not establish that every HELOC or home equity loan, every second lien, or every contract follows the same timing. State law, lien priority, bankruptcy, court procedures, notices, and the language of your documents can change the analysis. Do not treat 120 days as a guaranteed grace period or wait for that threshold before seeking help.
If you receive a default notice, acceleration letter, summons, complaint, foreclosure notice, or sale date, read the response deadline immediately and contact a lawyer familiar with your state and the particular lien. Missing a court deadline can eliminate defenses or opportunities to negotiate.
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Free help and how to avoid scams
HUD-approved housing counselors can help you organize finances, communicate with a servicer, and evaluate alternatives at no cost. CFPB lists counselor referrals at 800-569-4287 and the HOPE Hotline at 888-995-HOPE (4673). Ask how the counselor is approved and whether the service is free before sharing documents.
Be especially cautious of anyone who:
- Demands an upfront fee to stop foreclosure or obtain a guaranteed modification;
- Promises that you cannot lose the home or guarantees a specific loan change;
- Instructs you to sign over the deed or title;
- Tells you to stop paying the servicer without a written, verified reason; or
- Directs you to send payments to an individual or company other than the servicer named in your loan records.
Consumers generally should not have to pay someone to apply for ordinary foreclosure help. Verify contact information independently, do not sign blank forms, and keep copies of everything. A legitimate counselor cannot guarantee approval, and a paid company is not automatically approved by CFPB or HUD.
Questions to ask on your next call
- Is my account current, delinquent, or in another status, and what fees or interest have been added?
- Which hardship, repayment, forbearance, modification, refinance, sale, or transfer options are available for this exact loan?
- What documents and deadlines apply, and where should I send them securely?
- Will you continue collection or foreclosure activity while my complete application is under review?
- What payment is required now, during review, and after approval?
- How will the option affect the balance, interest rate, maturity date, lien, credit reporting, and any deficiency?
- When will you send the decision and final terms in writing?
When the payment problem is permanent
If your income cannot support the home and its secured debts over the long term, a temporary pause may only delay a necessary decision. Build a full housing budget, include taxes, insurance, maintenance, and both mortgage liens, and discuss sustainable alternatives with a counselor or attorney. Selling before a foreclosure sale may provide more control, but a short sale or other disposition requires lender approval and careful written treatment of any remaining balance.
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