You love your home in Michigan and do the best you can to pay your mortgage on time. Life has a way of being uncooperative, and you have found yourself unable to keep up with your loan. What can you do to keep your home? 

Policygenius has several ideas that may help you remain in your home. Foreclosure is not always unavoidable. 

Forbearance 

Rather than foreclosure, your lender may view forbearance as a viable alternative. With this option, you and your lender agree on how long you can stop making payments. You use that time to save up for missed payments, all while keeping up with ongoing mortgage payments. 

Loan modification  

The reason that you cannot keep up with your mortgage may be that your financial situation has changed for the worse, such as you recently lost your job. If this is the case, your lender may allow you to modify your loan to lower your monthly payments. With a loan modification, expect it to take longer to pay off the loan than you originally planned. 

Short sale  

Depending on your ability to find another home, you may not mind putting your home up for a short sale. You sell your property as quickly as possible, which likely requires accepting less than its current value. Depending on how deep of a price cut you have to accept, there is no guarantee of paying your mortgage in full. 

Chapter 13 Bankruptcy 

By filing for Chapter 13 bankruptcy, not Chapter 7, you can keep your home and work out a payment plan to catch up on your mortgage payments. 

This information is only intended to educate and should not be interpreted as legal advice.