Skip to main content
green teal diagonals background

Debunking Myths About Mortgage Assistance

Understanding mortgage assistance options (and how they work) can feel overwhelming.

Get the facts

Let's debunk four common mortgage assistance myths — and explain why it doesn’t hurt to ask about your options as early as possible.

Fact

You are not alone — there is help out there for many different situations stemming from financial hardship, like losing a job or experiencing a disaster. With professional advice from your mortgage servicer – the company that receives your monthly payments – or a housing counselor, you can find proven ways to help overcome your financial stress.

If you want personalized guidance before speaking with your mortgage servicer, reach out to a HUD-approved housing counselor.

Housing counselors can help you explore which mortgage assistance options are best for you based on your current situation. They can also prepare you for conversations about mortgage assistance with your mortgage servicer. Like a coach, they can help you ​​along the way and guide you until you’ve reached your housing goals.

Talk to a housing counselor at no cost to you by calling 1-855-HERE2HELP (855-437-3243) or schedule an appointment.

Learn more

Fact

The sooner you reach out for advice, the more likely you’ll be able to regain your financial footing without falling too far behind.

Don’t wait to get professional advice from your mortgage provider or a housing counselor. They can explain what options you have before your situation becomes more severe.

Fact

Not all credit scores go down when you take out mortgage assistance. It depends on your individual circumstances. Reach out to your mortgage servicer or a housing counselor as soon as possible to understand how mortgage assistance may impact your individual situation.

Fact

Once you’re aware of which mortgage assistance options are available to you, you have the choice to take them or leave them. It’s entirely up to you.

While your servicer may encourage you to take one mortgage assistance option over another, you have the final say before any changes are made to the terms and conditions of your loan. Once mortgage assistance (like forbearance) is in place, you also have the right to halt it at any time.

Different mortgage assistance options

Mortgage assistance comes in many forms. Determining which type is most suitable for you depends on your financial situation — such as how much you owe, how much you earn, and what other expenses you have each month.

Is one of these options right for you?

Refinance—Replace current mortgage with a new loan with new terms

Loan modification—Change the terms of your existing loan

Forbearance—Temporarily reduce or suspend monthly payments

Repayment plan—Pay past-due amounts over multiple months

Payment deferral—Delay past-due amounts to end of loan term

Learn more

Mortgage Assistance Options Icon

Is one of these options right for you?

Sale with equity: Sell home, pay off mortgage, and keep leftover amount

Short sale: Sell home for less than remaining mortgage balance

Mortgage Release™: Transfer ownership and all financial responsibility

Learn more

Mortgage Assistance Options Icon

Is one of these options right for you?

Refinance—Replace current mortgage with a new loan with new terms

Loan modification—Change the terms of your existing loan

Forbearance—Temporarily reduce or suspend monthly payments

Repayment plan—Pay past-due amounts over multiple months

Payment deferral—Delay past-due amounts to end of loan term

Learn more

Mortgage Assistance Options Icon

Is one of these options right for you?

Sale with equity: Sell home, pay off mortgage, and keep leftover amount

Short sale: Sell home for less than remaining mortgage balance

Mortgage Release™: Transfer ownership and all financial responsibility

Learn more

Mortgage Assistance Options Icon
If you need help, contact your mortgage servicer today

Remember that it’s never too early to get in touch with your mortgage servicer to explore what mortgage assistance options are available to you.

If you don’t feel ready or would like additional support, contact a HUD-approved housing counselor.

As a professional third party, they’ll review your situation and be there with you to advise on mortgage assistance each step of the way, free of charge.

More to explore

Get to Know Your Renter Rights

Talk to a Housing Counselor

If you’re experiencing financial hardship or the aftermath of disaster, talk to a housing counselor. They can help you create a plan and learn about your options.

Learn more
Get to Know Your Renter Rights

Tips for Talking to Your Mortgage Servicer

Financial hardship or disaster can happen to anyone. If they happen to you, use these tips to talk to your loan servicer about ways to get past this difficult period.

Learn more
Get to Know Your Renter Rights

Tips for Talking to Your Landlord

Having trouble paying your rent? Use this advice to help guide a conversation with your landlord.

Learn more