- 1). Review your loan terms. Check your mortgage note to obtain your interest rate. Find the number of years that are required to pay off your loan. Look for terms such as 30-year fixed-rate loan, 2-year fixed-rate loan, as well as indications of a balloon loan, interest-only loan, flex-pay or pick-a-payment option.
- 2). Gather your financial information. Assemble a package that includes your most recent pay stubs, a list of your household expenses and a hardship letter. Your past due mortgage balance may be paid over time if your lender deems a recent hardship has caused you to incur financial difficulties. A payment arrangement may be granted to help get your loan back in good standing.
- 3). Call your mortgage lender to discuss options that could help bring your loan current. Mention your present mortgage terms and inquire about restructuring or modifying your mortgage loan if better terms exist. Your lender may require your financial information to determine if you qualify for help. Request a fax number from the representative to supply your income, expenses and hardship letter. Send your documents and follow up with your lender on a weekly basis until a decision has been rendered.
- 4). Contact housing advocates and counselors to explore options or programs that may be available. Inquire about programs that can help you resolve past due mortgage payments.
- 5). Seek help from family members who may be in a position to assist you with your past due mortgage payments. Present a plan to repay money that is loaned to you.
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