Getting behind on mortgage payments or having trouble making house payments can be scary. Our homes are central to our well-being, and when financial challenges arise, it can be tough to know what steps to take.

Remember that you are not alone. There are steps you can take to get back on solid ground, and the trusted national nonprofit GreenPath Financial Wellness can help by providing foreclosure prevention counseling and support.

The place to start is to connect with certified housing experts who will review your situation with you, and explain the options for keeping your home, or getting out of a house you can’t afford.

Assess your options

Depending on your situation, perhaps a forbearance plan is an option.

According to Consumer Finance Protection Bureau (CFPB), “a forbearance plan allows you to pause (suspend) or reduce your mortgage payments for a limited time while you build back your finances.”

Loan modification could be an option depending on your specific financial situation. A loan modification is a change to the original terms of your mortgage loan. The program keeps you in the same mortgage but with new terms that should be more manageable for you.

Depending on the specific loan modification process, it is possible to negotiate a lower interest rate or monthly payment, or the lender might be willing to shrink the balance remaining on your loan.

Trusted advice is available

Getting guidance from a certified housing counselor can help you assess whether a forbearance plan or loan modification are options to stay in your home during a hardship or crisis.

It’s also helpful to look at your full financial picture. Getting a handle on a household’s monthly budget will be critical. That means tracking expenses and income each month and understanding how to budget to resume payments.

A first stop to reduce stress is to contact at GreenPath Financial Wellness for free housing counseling to develop a game-plan for the unique mortgage situation you face.

Counselors can help guide you to explore assistance options such as loan modifications, forbearance, and repayment plans with loan servicers. If appropriate, GreenPath can initiate a tri-party call with your servicer to initiate a workout request and get you on a path toward repayment.

Counselors can also provide you with access to community organizations as well as state or federal programs that may be available for help.

When you work with GreenPath during confidential counseling sessions, you have the opportunity to be proactive, learn more about your finances, put a plan in place, and access resources for the future.