Mortgage Help: Understanding Your Options
Mortgage Assistance & Relief Options
When making your mortgage payment becomes a strain, it helps to know that several kinds of help exist. Asking for help early is almost always better than waiting.
The Short Answer
Mortgage help comes in several forms — repayment plans, loan modifications, forbearance, and hardship assistance programs. The right option depends on whether your hardship is temporary or permanent. Asking for help early is almost always better than waiting, and many forms of help are free to explore through your servicer or a HUD-approved housing counselor.
What this means
When making your mortgage payment becomes a strain, it helps to know that several kinds of assistance exist — and that asking for help early is almost always better than waiting. "Help" means different things in different situations: a temporary hardship may call for one solution, while a permanent income change may call for another. Understanding which type of help fits your circumstances is the first step.
What you should do next
Call your servicer and ask for the loss-mitigation department. Gather proof of income, a hardship letter, monthly expenses, and recent mortgage statements. A HUD-approved housing counselor can help you prepare — at no cost.
When you should get help
Ask for help before you miss a payment if possible, or as soon as you fall behind. The earlier you apply, the more programs you're likely to qualify for, and a submitted application often pauses foreclosure review.
Frequently asked questions
Direct answers to the questions homeowners ask us most.
What mortgage relief options are available?
Common options include repayment plans, forbearance, and loan modification through your servicer's loss-mitigation department, plus free guidance from HUD-approved housing counselors. The right option depends on whether your hardship is temporary or permanent.
Is mortgage help free?
Many forms of help are free to explore. HUD-approved housing counseling is free or low-cost, and talking to your lender's loss-mitigation department costs nothing. Some options, like a loan modification, may involve fees, but those should be disclosed before you commit.
What documents will I need for mortgage help?
Most programs ask for proof of income, a hardship letter explaining what happened, monthly expenses, and recent mortgage statements. Gathering these ahead of time speeds up the process.
Can I get mortgage help if I'm already in default?
Often, yes — though options narrow as you go further into the process. Loss-mitigation options may still be available even after default, but the earlier you apply, the more likely you are to have choices.
Local help in your community
The same guidance, written for homeowners in each Southwest Virginia community we serve.
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