Learn the options, in plain language.

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Forbearance

A temporary pause or reduction in your mortgage payments, usually for a set number of months, meant for short-term hardship.

Repayment plan

An agreement to pay back missed payments in smaller increments added to your regular payment over several months.

Loan modification

A permanent change to your loan's terms — interest rate, length, or sometimes deferred principal — to make the monthly payment affordable long-term.

Short sale

Selling the home for less than what's owed, with your servicer's approval, to avoid a foreclosure sale.

Deed-in-lieu of foreclosure

Voluntarily signing the deed over to your servicer to satisfy the loan without going through a foreclosure sale.

Notice of Sale / Notice of Default

The formal notice that foreclosure is moving forward. Depending on your state it may set an auction date directly, or start a court process. Names and timelines vary by state.

Reinstatement

Paying the full past-due amount (plus fees) to bring your loan current and stop a scheduled sale.

HUD-approved housing counselor

A free, neutral advisor certified by the U.S. Department of Housing and Urban Development to help homeowners understand their options — not employed by your servicer.