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- 1). Educate yourself on the terms of your mortgage. Be sure you understand how adjustments in your interest could affect your monthly bill. Consult with a real estate lawyer or housing counselor who can answer any questions and explain the legalities of the mortgage's fine print.
- 2). Communication is imperative when a homeowner is not able to pay the mortgage. Contact the mortgage holder as soon as it is determined that a payment will be missed. Explain your current situation and highlight any hardship that is a factor in your inability to pay the mortgage such as medical bills, loss of income or death of a family member. Inquire as to the possibility of postponing the payment or moving the missed payment to the back end of the loan. Ask for any other options that will keep the mortgage in good standing.
- 3). Don't be too proud to ask for help. Tell family members that you are having a difficult time paying your mortgage. Ask for assistance in making a payment. Consider offering a room in your home to a parent, grandparent or child who may be able to share the costs of your mortgage.
- 4). Raise money by selling assets such as an extra vehicle, jewelry or stocks. Share your situation with friends and arrange a garage sale, craft fair or raffle to help raise funds that will be used toward your mortgage payment.
- 5). Consider taking on a part-time job to ease your financial situation, if possible. Explain to the mortgage holder that you will have additional income coming in shortly even if it does not cover the full amount that is due.
- 6). Contact the foreclosure division of the U.S. Housing and Urban Development's New Jersey office. Consult with a representative who can assist you in foreclosure laws, alternatives and options. HUD may be able to help you find state and local resources that can help you make your payments.
- 7). Understand that you are not alone and there are options to help you through this difficult time.
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