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I Can’t Make My Mortgage Payments. What Are My Options?


Homeowners throughout Florida are in a difficult situation as the economy struggles to return to its pre-pandemic levels. If you are one of the thousands of homeowners who is having difficulty keeping up with your monthly mortgage responsibilities, know that you have options and help is a phone call away.




One good place to start is to review this list of foreclosure resources for Floridians. There are also loss-mitigation options you can negotiate with your lender to provide some financial relief.


What to do if you can’t make your mortgage payments


When homeowners begin missing their payments, lenders are required to reach out to them to discuss their options for loss mitigation. To avoid foreclosure, there are many actions a homeowner can take to prevent a potential foreclosure. Here are a few common ones:


  • Forbearance – This is an agreement between you and your lender in which your loan payments will be suspended or reduced for a temporary amount of time, which is usually no more than 12 months. Once the forbearance period ends, you will be required to pay back the full forbearance amount, including interest on the payments that were paused. With forbearance, your credit will not be affected.
  • Loan modification – Through a mortgage modification, you negotiate a permanent change to one or more of the terms of your loan, such as changing its interest rate, extending the life of the loan, or seeking other modifications to make monthly payments more affordable.
  • Refinance – If you qualify, you may be able to refinance your mortgage to a new, lower interest rate. A refinance is different from a loan modification in that it involves paying off your existing loan and taking on a new loan with new terms and a new contract.
  • Sell your home – Another means of avoiding foreclosure is selling your home and using the profits to pay off your mortgage. While a short sale will affect your credit, the damage won’t be as severe as a foreclosure.


Missing monthly payments on your mortgage comes with serious consequences, but there are ways to avoid foreclosure and still fight to keep your home. We can help. If you have questions or need Miami foreclosure defense, schedule a confidential consultation with our experienced legal team at Jacobs Legal.

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