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Options for when you’re behind on your Michigan mortgage

On Behalf of | Sep 16, 2023 | Mortgage Debt

In Michigan, the average monthly mortgage payment is $1,031, according to Money Geek. It’s not surprising that with the rising cost of living some people are falling behind.

The total mortgage debt in the U.S. increased to $11.2 trillion in 2022, according to Experian. If you’re struggling to stay current with your mortgage payments, some options might help.


A refinanced mortgage loan might have a lower interest rate or a longer repayment term. A lower interest rate will save money on your payments. And a longer repayment term usually means lower monthly payments.


Forbearance is when you reduce or suspend your mortgage payments, but only temporarily. At the end of the period, you repay what you didn’t pay during forbearance. You’ll have to pay a lump sum or in installments. Forbearance is generally best only if you’re certain to have the money to repay once the forbearance period ends.

Lump sum payment or repayment plan

Perhaps you’ve recovered financially and want to catch up on your mortgage payments. A lump sum payment of what you owe will quickly get your account current. If you don’t have a lump sum, your lender might allow you to create a repayment plan.

A repayment plan means you’ll make your payments with an additional amount to make up for the late payments. You’ll get caught up, but this also means your monthly payments are higher. You might want to avoid this option unless you’re certain you can handle the higher payment.

Apply for assistance

The Homeowners Assistance Fund is a federal program that helps homeowners affected by the COVID-19 pandemic make mortgage payments. Some states also have programs to help homeowners who are struggling to make mortgage payments. For example, Michigan residents can seek help from the Michigan Homeowner Assistance Fund (MIHAF).

There are options for help if you’ve fallen behind on your mortgage. Ignoring the problem won’t make it go away, and you’ll put yourself in danger of losing your home. You might want to contact your lender as soon as possible to discuss your options.