What to Do If You're Struggling to Make Your Mortgage Payment

The coronavirus pandemic has left many Americans struggling to make ends meet. If you're one of the millions of Americans who are having trouble making your mortgage payment, you're not alone. Here are some things you can do to ease the financial burden.

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Contact Your Lender

If you're struggling to make your mortgage payment, the first thing you should do is reach out to your lender. Many lenders are willing to work with borrowers who are experiencing financial hardship due to the pandemic. They may be able to offer a forbearance, which temporarily suspends or reduces your payments. Keep in mind that while a forbearance may help you in the short-term, it will still need to be paid back at some point.

Look Into Government Assistance Programs

There are several federal and state programs that can offer assistance if you're having trouble making your mortgage payment. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), for example, provides relief for borrowers with Federally backed mortgages. You may also be eligible for assistance from your state or local government.

Consider Refinancing

If you have a good credit score, you may be able to refinance your mortgage at a lower interest rate, which could reduce your monthly payments. Refinancing is not right for everyone, so be sure to talk to your lender about the pros and cons before making a decision.

The coronavirus pandemic has left many people struggling to make ends meet, including those who have a mortgage payment. If you're having trouble making your mortgage payment, there are options available to help ease the financial burden. Be sure to contact your lender as soon as possible to discuss your options. You may also be eligible for assistance from government programs or private organizations. Another option to consider is refinancing your mortgage at a lower interest rate. Talk to your lender about what option may be best for you and your family.