Struggling To Afford Mortgage Payments? Here Are Some Options | Mum In The Madhouse

Struggling To Afford Mortgage Payments? Here Are Some Options

Are you feeling the financial burden of mortgage payments? You’re not alone. 

With rising interest rates and an uncertain economic landscape, many homeowners face difficulties meeting their monthly mortgage payments. But there are options available to help save money and alleviate some of the pressure. 

In this article, we’ll discuss some strategies for managing your mortgage payments and reducing your debt burden in a manageable way. So if you’re struggling to afford your mortgage payments, read on to learn more about how you can get back on track financially!


Forbearance is a popular option for homeowners struggling to keep up with their mortgage payments. This program allows lenders to temporarily reduce or suspend your monthly payments, usually for three months, while you get back on your feet financially. 

However, it’s important to note that any interest and principal that didn’t get paid during the forbearance period will be due at the end of the program.


Refinancing is another possibility for people who are having trouble. It involves taking out a new loan with more favorable terms, such as a lower interest rate or extended repayment period. 

Using this strategy can help reduce your overall payment amount, making it easier to keep up with your monthly mortgage payments. Remember that you will have to pay closing costs, and it may be challenging to qualify for a new loan if your credit score has taken a hit due to missed payments.

HUD Counselors

You can also contact the U.S. Department of Housing and Urban Development (HUD) for assistance with your mortgage payments. HUD-approved counselors provide free advice on budgeting, debt management, and options for avoiding foreclosure. 

They can also connect you with community organizations that offer financial assistance programs or other resources to help you stay in your home.


Downsizing is another option for homeowners who need to reduce their monthly payments. If you have more home than you need, maybe the kids are grown and out of the house, then this option can save you money.

This involves taking out a smaller loan and moving into a cheaper home. However, it’s important to note that downsizing may not be the best solution in all cases. You’ll need to consider your current financial situation, budget, and other factors that may affect your decision.

Loan Modification

A loan modification is a process in which your lender agrees to modify the terms of your mortgage. 

Changes to your loan can include reducing the interest rate, extending the repayment period, or even forgiving part of your loan balance.

Loan modifications are typically reserved for borrowers who are current on their payments but need help due to extenuating circumstances such as job loss or medical bills.

Increase Your Income

Increasing your income is another way to keep up with your mortgage payments. You can consider taking on extra work, starting a side business, or even finding a new job that pays more.

If you need some quick cash, have a garage sale, or try to sell stuff you don’t need anymore on Craigslist or Facebook Marketplace. 

Negotiating a raise or promotion at your current job may also be possible. With an increase in income, you’ll be able to manage your mortgage payments better and stay on track with your finances.

Talk to Your Lender

Finally, try having a conversation with your lender about home mortgage loan options. Many lenders are willing to negotiate with borrowers who are having a hard time making their payments and may be able to offer you some flexibility or assistance.


No matter your situation, there are plenty of options for struggling homeowners. From loan modifications and government programs to increasing your income, it’s important to explore your options to make an informed decision and remain on sound financial footing.

With a bit of research and some proactive steps, you can stay in control of your mortgage payments and keep your home.

Remember to do your research, build an emergency fund, and plan ahead for any potential changes so that you can stay in control of your mortgage payments and avoid any financial hardship.