If you are struggling to make your home mortgage payments, you are not alone. An estimated 2 million American homeowners are currently struggling to pay their monthly mortgage payments. Thankfully, those who find themselves in this situation have options. Some examples can include:

  • Lenders. Many lenders have their own mortgage modification options. These proprietary programs may work for your mortgage. Reach out to the mortgage provider for more information.
  • Government. The government also continues to offer modification solutions. Government programs may be available for those who have a mortgage backed by the Federal Housing Administration, Department of Veterans Affairs, US Department of Agriculture or other government agency. Additional options may also be available through state or local housing agencies. Florida state law offers some protections for homeowners who are struggling with their payments, including specific requirements for mortgage modification companies to help protect homeowners from scams.
  • Flex. Arguably the most well-known modification program, flex mortgage modifications can provide a reduction in the monthly payment as well as a reduction in the mortgage balance. Not every applicant receives both benefits. But, if applicable, these benefits can translate to up to 20% savings on the monthly payment and 30% on the entire balance. In order to qualify, the lender must participate in the program and the mortgage must be owned by Fannie Mae or Freddie Mac.

Homeowners who continue to struggle with their mortgages should not give up. Other options are available. An attorney who specializes in real estate law can review your situation and discuss other options to help better ensure you keep your home.