Quick answer
Call your mortgage servicer right away, even before you miss a payment, and contact a HUD-approved housing counselor for free help. Your options may include a repayment plan, forbearance, a loan modification or, if you qualify, a refinance. Federal rules generally keep a servicer from starting foreclosure until you are more than 120 days behind. So act early, and be careful of anyone who charges you upfront for help.
Rules on this page were checked on against CFPB guidance and Regulation X. This is general information, not legal advice. Program terms are subject to agency and lender guidelines and may change, and individual lenders can set stricter rules.
If you’re struggling with your mortgage payment
Transcript: Struggling with your mortgage payment or simply just searching help with mortgage, to know that you're not alone. In the state of Tennessee, there's three different things that you can do to try and help with your mortgage. The first one would be to get help with against foreclosure. There are programs out there to be able to help you keep your home. The second thing would be to refinance. It could be refinancing to simply lower your mortgage payment, spread it over a longer period of time, or it could be pulling out equity out of your house to be able to pay other debts to make your mortgage payment more manageable. The third item could be maybe you're looking for help with a mortgage for down payment assistance or closing assistance. There's often programs available to help with both of these. So whether you're looking to avoid foreclosure, you're looking to refinance for a cheaper mortgage payment, or maybe you're just looking for assistance in buying a house for down payment or closing costs, feel free to give us a call before it's too late. Thanks.
Valor Mortgage is a broker and doesn’t provide foreclosure-prevention or loan modification services. Your servicer or a HUD-approved counselor can help. A longer term can lower the payment but raise the total interest you pay, and a refinance has closing costs. Assistance programs have their own eligibility rules.
What should you do first?
- Call your servicer. The number is on your statement. Explain what happened, and ask what options are available.
- Contact a housing counselor. The CFPB housing counselor search lists HUD-approved agencies. They can help you make a plan and talk to your servicer at no cost.
- Keep your paperwork. Write down who you spoke to and when, and respond to every letter by its deadline.
- Talk to an attorney, if you have received foreclosure papers or have questions about your rights.
What options might be available?
| Option | What it does | Could fit if |
|---|---|---|
| Repayment plan | Spreads missed payments over time, on top of regular payments | The problem was short-term and has passed |
| Forbearance | Pauses or reduces payments for a set time; you still owe them | You have a temporary hardship |
| Loan modification | Changes your loan terms, to make the payment more manageable | Your income has changed for the longer term |
| Refinance | Replaces your loan with a new one | You still qualify, usually with enough equity and on-time payments |
| Short sale or deed-in-lieu | Lets you leave the home without a foreclosure | Keeping the home isn’t possible |
Your servicer, investor and program decide what’s available. FHA, VA and USDA loans each have their own loss mitigation options.
How long do you have?
Under federal servicing rules, a servicer generally can’t begin the first foreclosure step until you are more than 120 days behind. There are limited exceptions. A complete application for help sent in time can also trigger protections while it’s reviewed. But late fees and credit damage begin well before that, so don’t wait. Foreclosures in Tennessee can move quickly once they begin, so get advice right away.
Could a refinance help?
Possibly, if you’ve kept your loan current. A new term might lower the payment, or a debt consolidation refinance might pay off other bills. But a refinance has closing costs, a longer term can raise your total interest, and combining debts puts your home behind them. If you’re already behind, qualifying is harder, which is another reason to call early.
Watch out for foreclosure scams
The CFPB warns about scams aimed at homeowners in trouble. Be wary of anyone who asks for fees upfront, promises to stop a foreclosure, tells you to stop paying your mortgage or to send payments to someone other than your servicer, or asks you to sign over your title. HUD-approved counselors can help you at no cost.
More from Christopher on this
Three ways to get mortgage help in Tennessee
There are three ways that getting help with your mortgage can happen in the state of Tennessee. The first one would be if you've fallen behind, there are programs within the state of Tennessee to be able to help you keep your home. Secondly, you can always refinance. If you want to refinance to try and get a lower payment to help make that more manageable. And third, if you're buying a home, there's always the opportunity for down payment assistance. And also for first-time homebuyers, there could also be your closing cost assistance.
Valor Mortgage doesn’t provide foreclosure-prevention services. Assistance programs change and have their own eligibility rules. A HUD-approved housing counselor can tell you what’s currently available in Tennessee. A refinance has closing costs, and you have to qualify.
Mortgage help FAQ
What happens if I miss one mortgage payment?
Your servicer may charge a late fee after any grace period, and it may be reported to the credit bureaus once it’s 30 days late. Call your servicer as soon as you know you’ll be late.
Should I sell my home if I can’t pay?
It may be an option, especially if you have equity. A counselor can help you compare selling with other options. See also how pre-foreclosure works.
Can I ever buy again after a foreclosure?
Yes, usually after a waiting period. See the waiting period for each loan.
Where these rules come from
| Rule or figure | Source | As of |
|---|---|---|
| Options and first steps; scams | CFPB, if you can’t pay your mortgage | Nov 5, 2026 |
| Housing counselors | CFPB housing counselor search | Nov 5, 2026 |
| 120-day rule and loss mitigation | Regulation X §1024.41 | Nov 5, 2026 |
Related answers and guides
- Can you buy a house after foreclosure?
- Can you buy a house after bankruptcy?
- Do you need a 1% rate drop to refinance?
- More answers on mortgage help.
- About Christopher Armantrout.
Call me at (615) 671-9178. That’s the fastest way to get a straight answer on what you’d qualify for and whether a refinance is an option for you.
If it’s after hours, grab a time on my calendar. Pick a slot that works and I’ll call you then.
If your life is too chaotic for a phone call right now — I understand — start an application and I’ll review it and reach out with a plan.
Valor Mortgage, LLC · Christopher Armantrout, Mortgage Loan Originator, NMLS #1210804 · Valor Mortgage, LLC is powered by Encore Lending Group, LLC, NMLS #1249911 · Licensed in Tennessee · Equal Housing Opportunity
724 S Main St, Springfield, TN 37172 · (615) 671-9178 · christopher@valor.mortgage · NMLS Consumer Access
The dollar figures on this page are illustrative examples for general information only and are not an offer, a rate quote, or a commitment to lend. Actual interest rates and APRs vary based on loan program, borrower qualifications, property, market conditions and other factors. Program fees, limits and terms are set by the agencies named above and change without notice; all loans are subject to credit approval, income verification and property appraisal. Not all applicants will qualify.