If a higher mortgage payment no longer fits your budget, identify exactly what changed, call your mortgage servicer before missing a payment, and request an evaluation for every loss-mitigation option available for your loan. Do not assume the increase is only an interest-rate change: escrow, taxes, insurance, fees, or an account error may be involved.
The servicer can review your circumstances but cannot promise that you qualify for a particular solution. Compare any offer by its affordable monthly payment, what you will owe later, total interest and fees, eligibility rules, and whether you can realistically remain in the home.
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First, find out why the payment increased
Pull the newest mortgage statement, several prior statements, your escrow analysis, and the promissory note or other loan documents. Compare each line rather than looking only at the total. A statement may separate principal, interest, taxes and insurance held in escrow, late charges, and other amounts. The Consumer Financial Protection Bureau (CFPB) identifies adjustable-rate changes and escrow issues among reasons a payment can change; its mortgage resources explain what to review.
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Adjustable-rate interest change
If the loan is adjustable-rate, check the note and the latest notice for the index, margin, adjustment date, rate cap, and new payment. Ask the servicer to show the calculation and to confirm whether the change is permanent or will adjust again. A higher rate is only one possible cause, so do not skip the rest of the statement review.
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Escrow, taxes, insurance, or charges
Escrow payments can change when the servicer’s estimate of property taxes or insurance changes. Compare the current escrow amount with the prior analysis and ask why the estimate changed. Also ask about an escrow shortage, a force-placed insurance charge, fees, or any transaction you do not recognize. Request a written explanation and correction process for an apparent error.
Make a one-page affordability snapshot
Write down the new total payment, the amount your household can reliably pay, income that is continuing, essential expenses, liquid assets, and whether the hardship is temporary or likely to continue. Include the full housing cost reflected in your budget, including taxes, insurance, and other required housing charges. This snapshot gives the servicer a specific amount to evaluate instead of a general statement that the bill is unaffordable.
Contact the servicer before the next missed payment
The servicer is the company that receives your monthly payment. Use the telephone number on your statement, ask for a mortgage-assistance or loss-mitigation specialist, and explain that the payment increase no longer fits your budget. The CFPB’s options FAQ and servicer guide describe the information commonly needed.
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State the date and amount of the increase, the line that changed, the reason you believe it changed, and the amount you can afford. Say whether your income reduction or expense increase is temporary or continuing. Ask which assistance programs apply to this specific loan, how to submit a complete application, and where to send documents.
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Prepare the information the reviewer will need
- Recent pay records, benefit statements, or other proof of income.
- Bank and investment account information, if requested.
- A list of regular expenses and debts.
- Details of the hardship, including dates and supporting documents.
- Your current mortgage statement, loan number, and contact information.
Requirements vary by servicer, loan owner, investor, and program. Ask for a written checklist, the preferred upload or mailing method, and how the servicer will confirm receipt. Keep copies of every page and maintain a dated log of calls, names, promises, deadlines, and documents sent. If your circumstances change, update the application promptly so the file remains current.
Ask for an evaluation, not a guaranteed result
A servicer evaluates an application under the rules governing your loan and your financial circumstances. The CFPB lists refinancing, modification, repayment plans, forbearance, short sale, and deed-in-lieu as possible paths, but no borrower automatically qualifies for all of them. Ask the specialist to evaluate every applicable option and to explain any denial in writing.
Compare the available paths
Use this table as a starting point for questions. It describes general purposes, not individualized recommendations. The servicer’s written terms control.
| Option | General purpose | Question to ask |
|---|---|---|
| Refinance | Replace the existing loan with another loan, if available and suitable. | What are the new rate, fees, term, payment, qualification requirements, and total cost? |
| Loan modification | Change existing loan terms, potentially lowering the payment. | Which terms change, what is the complete new payment, and how does total repayment change? |
| Repayment plan | Add part of overdue amounts to regular payments for a period. | Can the household afford the higher payment throughout the plan? |
| Forbearance | Temporarily pause or reduce payments during a hardship. | How and when must the paused or reduced amounts be repaid? |
| Short sale or pre-foreclosure sale | Sell with servicer approval when sale proceeds may not repay the full debt. | What approvals, sale conditions, remaining-balance treatment, tax issues, and credit effects apply? |
| Deed-in-lieu | Transfer the home to the lender as an alternative to foreclosure, if accepted. | What happens to remaining debt, occupants, moving arrangements, and future obligations? |
Refinance
Refinancing replaces the current loan. It may be unsuitable if income, credit, equity, or property value does not meet underwriting requirements, or if closing costs erase the payment benefit. Request a full loan estimate and compare the proposed payment after taxes and insurance, the interest rate, term, upfront fees, and total amount repaid. A lower payment caused by a longer term can increase total interest.
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Loan modification
A modification changes the existing loan rather than replacing it. Depending on the program, the change can involve the interest rate, repayment term, or other loan terms. The CFPB explains the general concept in its modification guide. Before accepting, obtain the permanent payment, effective date, principal balance, interest rate, term, fees, and any amount deferred until the end of the loan.
Repayment plan
A repayment plan is designed to cure an existing delinquency by adding an agreed amount to regular payments for a set period. Calculate the plan payment using your actual budget, not a hoped-for income increase. Ask what happens if a payment is late, whether the plan suspends collection activity, and when the account will be current.
Forbearance
Forbearance temporarily pauses or reduces payments; it does not erase them. The CFPB forbearance guidance recommends understanding the exit plan before entering one. Get the exact start and end dates, payment amount during the period, treatment of escrow and fees, and repayment method afterward. Possible repayment arrangements differ, so do not assume the missed amount will be due as a single lump sum or automatically added to the loan.
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Short sale or pre-foreclosure sale
If the home’s sale proceeds may be less than the mortgage debt, a short sale requires the servicer’s approval before closing. Ask whether you remain liable for any deficiency, how junior liens will be handled, whether a sale must occur by a deadline, and what tax or credit consequences may result. For eligible Federal Housing Administration (FHA) borrowers who cannot sustain a home-retention option, HUD describes pre-foreclosure sale as a possible home-disposition option, subject to current FHA rules.
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Deed-in-lieu
A deed-in-lieu transfers the property to the lender only if the lender accepts it. Obtain written terms covering remaining debt, liens, condition requirements, move-out timing, relocation assistance, and any obligation that survives the transfer. It is not the same as simply abandoning the property.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Identify the loan rules that govern your case
Ask who owns or backs the loan
Ask the servicer who owns or backs the loan and which investor or government-program rules govern your application. Eligibility can differ for conventional, FHA, VA, USDA, portfolio, and other loans. CFPB notes that homeowners may still have relief through the servicer or a state program even when the loan is not backed by Fannie Mae, Freddie Mac, or the federal government. Do not assume that a residential mortgage automatically qualifies for an agency program.
FHA timing and options
HUD’s FHA loss-mitigation guidance describes specific home-retention options, including repayment plans, forbearance, and permanent solutions, subject to eligibility and current rules. HUD states that an FHA borrower can receive only one permanent home-retention option within any 24-month period, with an exception described for a Presidentially Declared Major Disaster. Confirm that time-sensitive rule with the servicer before relying on it.
Understand the 120-day foreclosure statement
Under current CFPB guidance, a servicer generally cannot make a first foreclosure notice or filing until the borrower is more than 120 days delinquent. This is a limited procedural rule, not a safe period for waiting and not a prediction of your state’s timeline. Other legal requirements, bankruptcy issues, military protections, state procedures, and the facts of your case can affect what happens. Contact the servicer and a qualified adviser as soon as trouble is foreseeable.
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Use free help and avoid foreclosure-rescue scams
Work with a HUD-approved housing counselor
HUD-approved counselors can explain available programs, help organize paperwork, and assist with communication at no cost or little cost. CFPB lists the HOPE Hotline at (888) 995-HOPE (4673); HUD provides a counselor line at (800) 569-4287. Confirm current numbers and counselor status through the official CFPB foreclosure guidance or HUD avoiding-foreclosure page before calling.
Recognize warning signs
- Requests for substantial fees before any service is performed.
- Promises of a guaranteed modification or guaranteed foreclosure avoidance.
- Pressure to sign over the deed or other title documents.
- Instructions to stop paying the servicer or to send payments to someone else.
- Requests to sign documents you do not understand or to stop communicating with your lender.
A legitimate counselor will not guarantee an outcome. Never sign away ownership or stop following the servicer’s written instructions solely because a stranger promises quick relief.
If legal papers arrive
Do not ignore a foreclosure notice, summons, complaint, or sale notice. Deadlines and procedures vary by state and by the stage of the case. Contact a qualified foreclosure attorney or legal-aid provider promptly, while continuing to ask the servicer about loss-mitigation review. A counselor can help with the financial process, but legal advice is needed for rights, defenses, and court deadlines.
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Make the decision using written numbers
For every proposed option, request written terms and record:
- The monthly payment, including taxes, insurance, and any escrow change.
- The date the new payment begins and how long it lasts.
- Any deferred, capitalized, or overdue amount and when it becomes due.
- Interest rate, remaining term, principal balance, fees, and total repayment.
- Conditions you must meet, documents still required, and consequences of a missed trial payment.
- Whether you can remain in the home and what happens if the option fails.
Choose only a payment that fits a realistic household budget after essential expenses. If no home-retention option is sustainable, ask promptly about an approved sale or deed-in-lieu rather than waiting for the account to progress further. Keep the servicer, counselor, and—when papers have been served—your attorney informed of material changes.
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