There are several mortgage relief options for homeowners who are at-risk of foreclosure.

1. Forbearance

A mortgage forbearance is an agreement made between a lender and a borrower to suspend or reduce payments for a specific period of time as they strengthen their financial situation. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners who are experiencing financial hardship directly or indirectly because of the national emergency, are entitled to forbearance for 180 days (and additional protections) if they have a federally or Government Sponsored Entity-backed mortgage. If you are unsure or do not believe you qualify for mortgage forbearance under the CARES act, you should not be deterred. It’s important to call your lender right away to discuss this option. 

2. Reinstatement

Forbearance does not mean loan payments are forgiven or eliminated. When the forbearance period concludes, you will have to pay back the debt accrued during the period. When you pay this debt back in one lump sum, it will result in the reinstatement of your original mortgage loan terms; this is the fastest form of forbearance repayment. The other option you can discuss with your lender is a repayment plan; your lender will be fully-versed on these options and can discuss which would make sense for your particular situation.

3. Repayment Plan

With repayment plans, lenders allow borrowers to gradually pay back any debt incurred during a forbearance period by increasing the borrower’s monthly payments until the additional debt has been repaid. Repayment plans vary from loan to loan.

4. Loan Modification

If the reinstatement or repayment is not feasible for you, your lender may be willing to amend your mortgage in another way. The Consumer Financial Protection Bureau has more information on various loan modification options, as well as other helpful advice like how to avoid coronavirus-related scams.


While renegotiating your mortgage loan may sound daunting, it’s important to act quickly to keep missed payments from getting out of hand. 


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