Missing mortgage payments can drastically impact your credit score and incur late fees on the missed installment. So many people ask- what happens if I can’t pay my mortgage anymore?

You can also lose the house in case you don’t pay up after the first notice of payment lapses. The foreclosure process begins after 120 days approximately. There are options like—a forbearance agreement, to give homeowners some time to work things out, or a ‘deed in lieu of foreclosure’. HUD housing counselors can also help the homeowners who fall behind their payments to discuss their options.


There will be a late fee after 15 days of the missed payment date. The loan officially lands in default if the installment is not paid even after 30 days.

If you are in a financial crisis, contact your lender, asking- I can’t afford my mortgage right now because ‘the reason’, what are the options? They can provide a grace period on monthly payments.


The foreclosure process will start 120 days or more past the payment deadline. The lender can take ownership, and remove the owners from the house. There are different legal processes for different states. The lender will ultimately sell the property to pay off the remaining loan balance.


  • A forbearance plan: Providing financial hardship proof can help you take a reduced payment plan or sometimes no payments for a decided period.
  •  A loan modification: Contact your lender and put in a request to modify your loan plan to make it affordable for your financial situation.
  • A deed in lieu of foreclosure: Voluntarily hand over ownership of your house to the lender for total or partial debt absolution.
  • A repayment plan: If the borrower is only a few payments behind, lenders allow you to pay a higher monthly amount until you settle your past-due balance.
  • A short sale: The house is sold for less than your outstanding mortgage balance in a short sale. It entails getting the lender’s permission.


Property Solutions Group gives homeowners a fast and easy way to sell their property. If you are asking what I can do, I owe too much on my mortgage. Don’t worry! We buy houses as is, so there is no need to make repairs or clean up for showings. Our company covers all closing costs and you can pack up and leave with the selling amount.

After filling the application form with property pictures, our professionals contacts you and explains the entire selling process. They calculate the offer and ensure it is fair. 

Drop a message and get in touch with us today!