Struggling With Home Payments? Start With Your Options

“Keeping my home is getting harder. If I sell, will I have enough money for my next move?”

If you are struggling with home payments, start with clear information. You may have options to keep your home. Selling may also be worth exploring.

The first step is to understand what each choice could mean for you.

Ask About Help With Your Payments

First, contact your mortgage servicer. This is the company that collects your mortgage payments. Its contact information is on your monthly statement.

Explain what changed. Is the problem temporary? Or has the monthly payment become too hard to manage?

Ask what help may be available. Options may include a repayment plan, a change to your loan terms, or forbearance.

Forbearance may pause or reduce payments for a time. It does not erase the debt. Ask how and when you must repay the missed amounts.

A HUD-approved housing counselor can help you understand these choices. The CFPB offers a tool to find a housing counselor.

Estimate What You Could Keep After Selling

Next, review what a sale could leave you with.

Start with a realistic selling price. Recent sales, your home’s condition, and competing listings help guide this estimate.

Then request a mortgage payoff amount for the expected closing date. This is the amount needed to pay off your loan. It may differ from your current balance.

Also include selling expenses and other amounts that may need to be paid at closing. These could include other loans, liens, or unpaid taxes.

Your attorney or title company should confirm these amounts. The result is an estimate, not a guarantee.

If the sale may not cover what you owe, discuss the next steps with your servicer and attorney.

Plan Your Next Move

Also, consider where you would live after selling. Include moving costs, a rental deposit, or the cost of your next home.

If you receive court papers or a foreclosure sale notice, contact a qualified Illinois attorney promptly. Listing your home does not automatically pause the legal process.

How I Can Help

I help sellers in Skokie, Morton Grove, Niles, Evanston, and Wilmette review comparable sales, preparation choices, and offers.

Together, we can compare selling in the home’s current condition with making selected improvements. We can also review estimated proceeds and your moving timeline.

Struggling with home payments? Contact me for a private conversation about your property and timeline. Let’s build a practical selling plan.

Natalie Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle

Read next:

Selling Your Home: What Could It Sell For—and How Much Would You Keep?

Sources: CFPB: Mortgage Payment Options · Understanding Forbearance · Mortgage Payoff Amount