How to Catch Up on Missed Mortgage Payments

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How to Catch Up on Missed Mortgage Payments

When you obtain a mortgage, you agree to repay the loan based on the terms and conditions outlined in your contract. While you have every intention of doing so, the future is unknown. For that reason, you must know what steps to take if you slip behind on your mortgage payments. Here’s a seven-step process.

Contact Your Lender

The first thing you should do is contact your lender. It’s essential to communicate with them and let them know that you’ve missed a payment. They may be able to help you come up with a plan to catch up on your missed payments. 

Don’t be afraid to ask questions or seek clarification on anything you don’t understand. Remember, your lender wants to work with you to keep you in your home, so be open and honest with them. They’re not in the business of repossessing your home. They’ll work with you if possible. 

Assess Your Financial Situation

Next, take a close look at your finances to see where you can make cuts or find extra income. Create a budget to help you see where your money is going and identify areas where you can reduce your expenses. Consider taking on additional work or selling items you no longer need to generate extra income. 

The more you can pay toward your mortgage, the quicker you can catch up on missed payments.

Apply for Assistance

Depending on your situation, you may be eligible for financial assistance. Look into government programs, like the Home Affordable Modification Program (HAMP) or the Emergency Homeowners’ Loan Program (EHLP), that can help you catch up on your missed payments. 

Some lenders may also have their own programs that can help you get back on track. It never hurts to ask.

Consider Refinancing

If you have equity in your home, you may be able to refinance your mortgage to a lower interest rate, which could help lower your monthly payments. This may not be an option for everyone, but it’s worth looking into to see if it could work for you.

Explore Loan Modification

Another option to consider is loan modification. This involves changing the terms of your mortgage to make it more affordable for you. Your lender may be willing to extend the length of your loan or reduce your interest rate to help you catch up on missed payments.

Prioritize Your Mortgage Payments

When you’re catching up on missed mortgage payments, it’s important to prioritize your mortgage over other debts. While it’s important to pay all your bills on time, your mortgage should be your top priority since it’s tied to your home. Consider making your mortgage payment the first thing you pay each month, even if it means paying other bills late.

Keep Communication Open

Throughout the process of catching up on missed mortgage payments, keep the lines of communication open with your lender. Let them know if you encounter any difficulties along the way, and don’t be afraid to ask for help. Your lender wants to see you succeed, so work together to come up with a plan that works for you.


Remember, catching up on missed mortgage payments takes time, effort, and patience. But with a little hard work and determination, you can get back on track and keep your home. 

Have you ever found yourself in this position? What steps did you take?


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