Can't Make Mortgage Payment - I Buy Homes

What to Do When You Can’t Make Your Mortgage Payments

With inflation and rising interest rates, 4 in 10 Americans are struggling to pay their bills, including their mortgage.

When you can’t make mortgage payments, it’s easy to let panic set in. Once you start falling behind on payments, it quickly becomes a cascading waterfall of financial issues. The last thing you want is for the bank to take legal action and repossess your home.

This can be an extremely stressful and overwhelming experience, but it’s important to slow down and think about things logically. You do have options, which is what we’re going to discuss in this post.

Today, we’ll tell you what you should do when you’re behind on mortgage payments. Financial struggles are commonplace for countless people in 2023, but keep reading and we’ll help you navigate this tricky situation and get out on the other side.

Lender Communication & Forbearance

As soon as it becomes clear that you’ve got financial problems that will result in failed mortgage payments, you need to talk to your lender. There may be actions you can take to nip the issue in the bud, so long as your mortgage lender is understanding and cooperative.

One of the things you can try is to ask for mortgage forbearance from the lender. This is an action that will reduce or suspend your mortgage payments for as much as 12 months, giving you time to regroup and get back on even footing, financially speaking.

It’s important to understand that you’re still responsible for those payments, but during forbearance, your lender is agreeing not to proceed with foreclosure. When it comes time to pay up, it’ll be in a lump sum or with a payment plan.


Some homeowners will be eligible for refinancing. If you’ve got decent credit and have at least 20% equity in your home, refinancing can really help unburden you because you’ll be able to secure more favorable mortgage terms.

Refinancing will come with origination fees and the entire process could take months to complete. It’s also worth noting that if you’ve missed any of your current mortgage payments, it may be difficult to secure a new mortgage to refinance.

Modifying Your Mortgage

In certain circumstances, lenders will allow you to modify your mortgage, so long as it benefits them. In a mortgage modification, the lender will permanently alter the terms of the loan to give you more affordable monthly payments.

Usually what happens is that they extend the terms of the mortgage by several months. You’ll lower your monthly payments by making more of them and the lender will get more interest with each additional payment, so it can be a win-win.

Again, you’re only likely to be approved for a mortgage modification if your credit looks okay. If not, your lender may not trust that modifying the terms will make any difference.

Renting Out Your Home

If you’ve exhausted other options, you have to make alternative arrangements to keep your home. Those with a single-family home might consider renting out a part or all of the house to cover the mortgage payments.

There are basically two options with this tactic. You can convert your home into two units and continue living in it alongside a tenant or you can vacate the home and rent it out while you rent yourself.

Always remember that being a landlord can be stressful and costly in its own right. You’ll have higher maintenance costs on the home and dealing with a tenant can be exhausting.

Selling the Home to a Cash Buyer

Renting out your home might be more trouble than it’s worth. If you don’t see a path to overcoming these financial struggles, you might want to get ahead of the situation and sell to a cash buyer.

Selling your home might feel like a drastic move, but it can instantly get you out of your mortgage without long-term financial repercussions. Good cash buyers will work out a deal with your lender so that you simply sign over the mortgage and walk away with cash in hand.

Benefits of Selling Your Home

You may be wondering why you’d want to sell your home. The biggest benefit is that it’s fast. If you’re sinking under a mortgage that you know you can’t afford, it’s in your best interest to make a quick sale.

Cash buyers can have the process over in just a few days. You won’t have to worry about missing any more mortgage payments and the effects that doing so can have on your financial health.

Another benefit is that cash buyers take homes as they are. You don’t have to worry about making repairs or staging the home to make a sale. It’s all about investment potential for cash buyers, so they’ll give you a fair offer that you can take or leave with no obligations.

Cash buyers often work with homeowners who are facing foreclosure. There’s a process in place that makes it a simple transaction. The best thing is that you get out of this tricky situation and get to look at a brighter future.

Cash Buying Process Explained

When you work with, you’re getting a best-in-class company with outstanding reviews. Our reputation is why people come to us to deal with things like foreclosure and probate. We can help extract you from this financial emergency in no time.

First, you need to fill out our secure online form to tell us a bit more about you and your home. We’ll send someone to verify the condition of your home and do market research of our own, then send you a no-obligation cash offer.

If you accept, we can close on your house in a matter of days to prevent you from missing any more mortgage payments. You’ll walk away with cash and put this whole ordeal behind you.

If You Can’t Make Mortgage Payments, Contact Us

If you can’t make mortgage payments, you still have options. Selling your home might not be your first choice, but it’s the simplest solution when you’re trading the next house payment.

At, we strive to help homeowners navigate unforeseen circumstances. Contact us today to fill out our online form and get the process started.

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