Introduction
Job loss, medical bills, divorce, or unexpected expenses can make it difficult to keep up with mortgage payments. If you're facing financial hardship, the most important thing you can do is act early and reach out to your servicer.
Waiting until you've missed multiple payments significantly limits your options. BrightShore's hardship team is trained to work with borrowers to find solutions — but we can only help if you call.
Forbearance: A Temporary Pause
Forbearance allows you to temporarily reduce or pause your mortgage payments. Interest continues to accrue, and the missed payments must eventually be repaid, but forbearance can provide critical breathing room during a difficult period.
To qualify, you'll typically need to demonstrate a documented financial hardship. Our team will walk you through the requirements and help you determine if forbearance is the right option.
Loan Modification: A Long-Term Solution
If your hardship is expected to be long-lasting, a loan modification may be a better fit. A modification permanently changes the terms of your loan — reducing the interest rate, extending the term, or both — to lower your monthly payment to an affordable level.
Loan modifications require a formal application and review process. BrightShore's specialists will guide you through every step, from gathering documentation to final approval.
Other Options: Repayment Plans and Refinancing
If you've already missed payments and your hardship has resolved, a repayment plan lets you catch up gradually by adding a portion of your past-due balance to each future payment.
If your financial situation has improved and current rates are favorable, refinancing may allow you to lower your payment and start fresh. Our team can help you evaluate all available options based on your specific circumstances.
Conclusion
No matter how difficult your situation feels, options are almost always available — but only if you reach out. BrightShore's hardship specialists are here to listen, to explain your options, and to help you find a path forward.
Don't wait. Call us today at (844) 566-9556 or contact us online.
About The Author
BrightShore Team
The BrightShore team is dedicated to helping borrowers navigate the mortgage process with confidence and clarity.