- 1). Ask your lender about loan modification programs. Loan modification programs allow borrowers to reduce their monthly mortgage payments. If you have debt obligations that exceed 55 percent of your gross income, you might qualify, according to CNN Money. If the lender approves your request, mortgage payments will be lowered to 31 percent or less of your gross income.
- 2). Apply with your lenders for forbearance agreements. Forbearance agreements stop mortgage payments for a specific length of time. For example, a forbearance agreement might stop payments for six to 12 months. Families facing financial hardship due to serious medical illness or job loss may qualify.
- 3). Contact your lender about catch-up payments. If you're several months behind on your mortgage, it might be unrealistic to pay back the lender in a large lump sum. Instead, ask about catch-up programs, which allow you to slowly pay back missed payments over an agreed period of time.
- 4). Check out Fannie Mae programs. If your adjustable rate mortgage is owned by Fannie Mae, you might be eligible for the HomeSaver Advance Program. This program grants homeowners a personal loan to pay back missed payments.