How can I get help if I am struggling to make my mortgage payments?

It is important for homeowners who find themselves struggling to make mortgage payments to know that there are several resources and options available to assist them. One key aspect of Freddie Mac’s mission is to support homeowners and foster sustainable housing opportunities, especially during challenging financial times. First, homeowners should consider reaching out to their mortgage servicer. The servicer is the company that handles the day-to-day operations of your mortgage, including payment collection and assistance options. They may have programs in place to help homeowners who are facing difficulty, such as loan modification options, forbearance plans, or temporary payment reductions. Open communication with the servicer is crucial, as they can provide personalized solutions based on the homeowner's circumstances. Additionally, Freddie Mac provides educational resources on their website that explain the various options available for homeowners experiencing financial hardship. These resources often include information on government programs and nonprofit organizations that specialize in housing counseling. Housing counselors can offer guidance on budgeting, financial planning, and navigating the options available under federal assistance programs. Homeowners can also explore options such as refinancing their mortgage if they qualify for better terms, which may lead to lower monthly payments. However, it is essential to keep in mind that refinancing may not be suitable for everyone, and it involves additional costs and considerations. For specific information about available resources and options, it may be beneficial to check the current web page of Freddie Mac or refer to the U.S. Department of Housing and Urban Development website. These resources can provide valuable insight to help homeowners make informed decisions regarding their mortgage payments and overall financial situation. Together, these options can help homeowners regain their footing and find a path forward.