In as much as you may want to be honest, it is sometimes hard to make necessary payments on your mortgage. It could be because of a job lay off or because most of your money is spent taking care of an ailing relative.

It is very unnerving when this happens.

You may begin to worry about penalties, bad credit listings and in the worst case scenario, losing your home.

The good news is you can fight off all those nightmares. You can keep your home and pay for it comfortably. Consider the following despite how much your mortgage calculator may say you owe.

Obviously, you will need to talk to your mortgage broker. When you two sit together, you may be able to calculate how you can cover for the missed payments. You can come up with better plans for future payments together. Ideally, this will work when you are the one who approaches the mortgage provider first.

Following your visit to the mortgagor, you may be allowed to forbear on the mortgage. This is a situation where the mortgagor allows you to skip payments because you have a very good reason to do so. If you have lost a job or suffer from a serious illness, this is a good option for you, but only if it is the case, of course.

Another offer you can take propose to the mortgage broker is to change the terms of your loan. You can use a mortgage calculator to do your own research first, which is advisable. You could negotiate a reduced interest rate, an extended payment period or have missed payments added to the principal amount. In rare cases, a defaulted payment can be cancelled or slashed for your benefit.

You could also consider refinancing your mortgage. This means that you could borrow another loan to pay back your loan. This is a risky option and is better left as a last resort. Of course, you will need to know how much more you need to borrow to offset the mortgage.

Whenever you can, contribute to your mortgage payments. You could choose to pay more aggressively. Increasing your payment installments can save you years. Send your bonuses and tax refunds too. They may sound like unusual circumstances but when paying for your house, every coin you have matters.

Rent your home eventually if the pressure to keep your home and still finance it is high. You get to keep the title of the home and return when the tenant’s term expires. As a caution though, you should realize that there are financial obligations that a landlord must abide by. Examples of these obligations are taxes, insurance and management fees. All the same, it is a very viable option.