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    5 Options When You’ve Fallen Behind On Your Mortgage Payments

    December 7, 2022

December 7, 2022

5 Options When You’ve Fallen Behind On Your Mortgage Payments

When you’re facing financial hardship, it’s easy to fall behind on your mortgage payments. This is probably the biggest bill you have to pay each month, so it’s a problem when you don’t have enough income coming in. And once you skip a mortgage payment, the late fees start adding up. 

Fortunately, you do have options, but you’ll need to act fast. The longer you go without paying your mortgage in Maryland, the closer you get to foreclosure. Below are five ways to catch up on your mortgage if you’re behind on your payments. 


Forbearance is best for people who are facing a temporary financial hardship or loss of income. It places your mortgage on hold, typically for six months. During the forbearance period, it shows that you are current on your mortgage. You will then catch up on the payments through a lump sum or installments. The downsides to forbearance is that you stretch out your mortgage term and pay more in interest.

Loan Modification 

A loan modification is a good option for people who have the money to resume their mortgage payments but need help catching up. It is similar to refinancing because you can get a new loan with a longer term or a lower interest rate. However, a loan modification allows you to avoid higher interest rates and closing costs, and brings you to a payment that you can afford. You’ll typically have to prove a financial or personal hardship to qualify. 

Repayment Plan 

Another option you might have is a repayment plan, which allows you to repay your lender the money that you owe in a series of installments. Your lender will have to approve this, and you’ll have to show that your income is stable. Typically, lenders will take the past due amount and spread it out over several months. Again, you’ll need to have a stable income and be able to afford your payments to make this work. 

Reduce Your Monthly Payment 

You can also try cutting down your monthly payment by lowering your taxes and homeowners insurance. The trouble with this approach is that it probably won’t reduce your monthly payments by that much. Nevertheless, it can be a way to keep your home and afford your mortgage payments. For example, once you establish 20 percent equity in your home, you can remove private mortgage insurance (PMI). 

Sell the House 

What if you are behind on your payments and you don’t want to keep your home? You can sell your house in Maryland. A great option is to do a cash sale. With this arrangement, you sell your house for cash and use the money to pay back the lender. Depending on how much you owe on the house, you may even be able to walk away with money in your pocket! 

Cash sales also offer other advantages: 

  • Sell in just two weeks or less 
  • Pay no realtor commissions 
  • Pay little or no closing costs 
  • Avoid a home appraisal and inspection 
  • Work directly with the buyer – no middlemen 
  • Sell house in its current condition 
  • Get cash wired to you at closing 

To get a free cash offer on your house, contact 4 Brothers Buy Houses today. As long as your home hasn’t gone into foreclosure, you can sell it to us, and we’ll pay you in cash! You can then use this money to pay back your lender and start fresh! We buy houses all over Maryland, as well as Washington DC and Virginia!