Behind on your mortgage? Here are your real options.
Falling behind is frightening. Here's a plain list of ways to keep the house, ways to leave on your own terms, and where to get free help.
No obligation. No pressure. Takes about 2 minutes.
The short answer
Call your mortgage servicer as soon as you know you'll miss a payment, and talk to a free HUD-approved housing counselor. Ways to keep the home include forbearance, a loan modification or refinancing; ways to leave include selling, a short sale or a deed-in-lieu. How much time you have depends on your state, so read our Virginia, Maryland or DC page for how foreclosure works where your house is.
Step by step
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Call your servicer now
The CFPB puts it simply: the worst thing you can do is nothing. Call your servicer, ask for a loss mitigation application, and ask which options you may qualify for.
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Get free help
HUD-approved housing counseling agencies provide foreclosure prevention counseling free of charge. Use the CFPB's Find a Counselor tool, call the CFPB at (855) 411-2372, or call the HOPE Hotline at (888) 995-4673.
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Options to keep the house
Forbearance temporarily pauses or reduces payments, but you still owe the missed amount and interest may keep adding up. A modification changes the loan's terms, and all or some of the missed payments are added to what you owe. A refinance replaces the loan with a new one.
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Options if keeping it isn't realistic
You can sell and use the money to pay off the mortgage, keeping whatever equity is left. If you owe more than it's worth, a short sale needs your servicer's approval. A deed-in-lieu hands ownership to the servicer and you move out.
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Know your state's timeline
Foreclosure works differently in Virginia, Maryland and DC, and each has its own page on this site: behind on payments in Virginia, in Maryland, and in DC.
Sources: CFPB: Avoid foreclosure · CFPB: What is a HUD-approved housing counselor? · CFPB: Find a Housing Counselor · CFPB: What is mortgage forbearance? · CFPB: Help for homeowners
This page gives a general overview. It isn't legal advice. Your loan and state rules decide your options, so talk to your servicer, a HUD-approved housing counselor or an attorney about your case.
Cash offer vs listing
Example: a $250,000 home
| Offer | $205,000 |
|---|---|
| Repairs | $0 |
| Commissions | $0 |
| Closing costs | $0 |
| You walk away with | $205,000 |
| In 7 to 14 days | |
| Sale price | $250,000 |
|---|---|
| Repairs | about $8,000 |
| Commissions | about $13,800 |
| Closing and holding | about $6,000 |
| You walk away with | about $222,200 |
| In 60 to 90 days | |
Example only. Your numbers depend on your home and market.
If selling is on the table, we'll put the cash offer next to what listing could net, so you can weigh both against your servicer's options.
Frequently asked questions
How long do I have before foreclosure?
It depends on your state and your loan. Our Virginia, Maryland and DC pages lay out each state's steps and notices.
Is selling better than a loan modification?
Not always. If you can afford the house over the long run, forbearance or a modification may let you keep it. If you can't, selling while you still have equity lets you pay off the loan and keep what's left. Our loan modification vs selling guide goes deeper.
Does a housing counselor cost anything?
No. HUD-approved housing counseling agencies provide foreclosure prevention counseling free of charge.
Who are you?
We are real estate investors based in Baltimore, helping homeowners since 2016. We buy houses directly for cash. We are not a licensed real estate brokerage and do not list homes ourselves; if listing could get you more, we show you the math so you can choose.