Homeowners struggling to meet mortgage payments have several options to consider. Contacting the mortgage servicer can open discussions for potential relief measures such as forbearance, loan modification, or a repayment plan. Budgeting apps like PocketGuard and You Need A Budget (YNAB) can help manage finances more effectively. Assistance programs, both federal and state, offer support, with the Homeowner's Assistance Fund being a notable resource. Refinancing with lenders like Rocket Mortgage can lower monthly payments. In severe cases, a short sale or a deed-in-lieu of foreclosure might be necessary to avoid the credit damage from a foreclosure. It's essential to communicate with the mortgage servicer early and explore all available options to find the best solution for your financial situation.
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