If you are struggling to keep up with your mortgage and you are behind on payments, you may be at risk of foreclosure. Fortunately, there are options that may help you keep your house.

Whether you are facing short-term or long-term money issues, you may find a solution that fits your needs.

Mortgage relief options

If you would like to explore options that allow you to stay in your home, Fannie Mae offers various solutions that may fit your situation. As soon as you are having trouble paying the mortgage, you should contact your lender to see if it can change the terms of the loan to make it easier to pay. If you experienced a job loss or other circumstance that makes it challenging to pay your current mortgage, a modification or refinance may make payments more affordable.

If you are experiencing short-term difficulties and expect your financial situation to improve in the near future, your lender may be willing to suspend or reduce monthly payments for a defined time period. You can then pay back the amounts you missed via a repayment plan, in one lump sum or at the end of the loan term.

How to avoid scams

People who are struggling financially are sometimes desperate to fix the problem and are at higher risk of being the victims of a scam. The U.S. Department of Housing and Urban Development warns of certain loan modification scams. If a company approaches you with assistance, these are some signs of scams:

  • They guarantee a loan modification
  • They charge an advanced fee
  • They tell you to send them the payments and that they will pay the lender
  • They ask you to sign over the deed to the house

If you suspect a scam, you should report it right away.