If you have enough equity in your home and you are current on your payments, you may be able to refinance and get a lower payment.
If you were unable to make your mortgage payments for a few months due to unemployment and now have a new job, your lender may allow you to repay the missed payments over a certain period of time until you’re fully caught up.
Was the reason you missed your payments temporary and now the issue has been resolved? If this is the reason and you can make a payment that included all missed payments, you may be eligible to stay in your home.
Depending on the hardship, your lender may suspend or reduce your mortgage payment for a period of time allowing you to get back on your feet. Once you’re there, your lender may ask you to repay the full amount owed via a lump sum payment or increase your normal monthly payments until you bring the loan current.
In some cases, bankruptcy is an option. With this option all payment required may be stopped and you will have the opportunity to reorganize your debts and get caught up. However, if you are still unable to make payments after the bankruptcy you are still at risk of losing your home.
You may be eligible to modify your loan that it reduces your payments. These programs vary from bank to bank, but also there are government sponsored programs that are available.