How can I catch up on my mortgage when I am one payment behind?

You have a couple of options to get current on your mortgage if you're just a few payments behind. But you'll have to get your lender to agree.

Question

I'm consistently one payment behind on my mortgage, and I can’t catch up. What can I do? Could I negotiate with the lender to tack the payment on at the end of my loan term, or something like that?

Answer

The quickest way to get caught up is to double up on your payment one month, including any late fees. If you can't do afford to pay this much, you might be able to convince the lender to add the payment to the end of your loan term. Another option, one that the lender would be more likely to agree to, is to get caught up using a repayment plan.

How Does a Repayment Plan Work?

With a repayment plan, you work out an agreement with the servicer (on behalf of the lender) to spread the past due amount over a specific period of time, usually several months, to bring your loan current. During the repayment period, a portion of the past due amount is added to each of your normal monthly mortgage payments.

As long as you make all the payments, once the repayment period has ended, you’ll be current on the loan.

Steps to Obtaining a Repayment Plan

If you want to use the repayment plan option, here's what to do.

Step 1 - Gather Up Your Financial information

To arrange a repayment plan, you'll have to call your loan servicer. But before you call, gather up basic information about your finances, like:

  • your monthly mortgage statements, including information on any second mortgage
  • information about your other monthly debt payments (for example, car loans, student loans, and credit card payments), and
  • information about your monthly income.

Have this kind of information available when you make the call.

Step 2 – Contact the Servicer

Call your servicer and tell them you're interested in a repayment plan and would like to find out if you're eligible. Be prepared to explain why you are having trouble bringing your loan current, including the reasons why you fell behind and why you can’t catch up. Your servicer will walk you through the next steps to find out if you qualify and help you get back on track with your loan payments. Most of the time, a servicer can approve a short-term repayment plan without getting the lender's approval.

Step 3 – Sign the Repayment Agreement

Once you and the servicer figure out a repayment plan, you will sign an agreement that outlines how you are going to repay the past-due amount, including the length of the repayment period and the specific terms. After you make all of the payments, you’ll be current on your loan.

Getting Help

If you're having trouble bringing your loan current, contact loan servicer as soon as possible to go over your situation, discuss what you hope to do, and find out the answer to any questions you might have.

But if you find that you are having difficulty dealing with the servicer—either before or after contacting them to ask for a repayment planyou can get free assistance from a HUD-approved housing counselor who will work with you and the servicer on your behalf. You can find a HUD-approved housing counselor by going to the HUD website.

You might also consider seeking help from a lawyer.

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