What should i do if i cant pay my mortgage what should i do if i cant pay my mortgage written by dan base financial content writer 28 december 2018 if you find yourself in a position where you cant meet your monthly mortgage payments it is important not to bury your head in the sand help is at hand and there are things you can do to get back on track talk to your lender if you . Falling behind on your mortgage payments is different than not paying your rent because it can have a bigger effect on your credit score it can also put your home in jeopardy if you cant settle up but you do have options what to do if you cant pay your mortgage ranges from a forbearance agreement which can give you some time to work . If you cant pay your mortgage on a temporary basis you may be able to enter into what is known as forbearance this means that you and lender are coming to a mutual agreement to either halt your current mortgage payments or to reduce the monthly amount for a specific period of time. On a positive note entering into a forbearance agreement with your mortgage lender may not affect your credit in a negative way even though youre delaying payments a portion of the cares act . Interest only mortgage borrowers have been warned by the regulator not to bury their heads in the sand after it was revealed hundreds of thousands will not be able to pay off their mortgage at the end of the term if you are worried about paying off your interest only mortgage dont panic the following tips may help