On this page
The short answer
Refinancing may resolve arrears only if you qualify and the new loan is sustainable; delinquency, limited equity and deadlines can make modification or another route more practical.
What changes the answer
A lender will review equity, income, debt obligations, credit and the status of the existing mortgage. A quoted rate or online equity estimate is not approval. Compare closing costs and the new loan balance with the arrears being solved.
Replacing a low-rate first mortgage can increase the cost of the whole balance. A new second lien may preserve the first loan but still adds a secured payment and foreclosure risk.
Sources: CFPB: Trouble making mortgage payments; CFPB: How HELOCs work; LSC: Find local legal help
A practical next step
- Get a payoff and arrears statement from the current servicer.
- Compare written refinance costs with loss-mitigation options.
- Check whether the new payment fits after taxes, insurance and other essentials.
Sources: CFPB: Trouble making mortgage payments; CFPB: How HELOCs work; LSC: Find local legal help
Before you agree or pay
An application does not stop foreclosure. Avoid rushing into an unaffordable loan solely because the closing date seems faster; obtain legal help for a pending sale and confirm its status independently.
Sources: CFPB: Trouble making mortgage payments; CFPB: How HELOCs work; LSC: Find local legal help
Keep the wider debt picture in view
The useful goal is a housing plan that can last. A temporary income interruption, a permanently unaffordable payment and an error in the account need different conversations. Start with what changed and what payment, if any, your household can sustain.
Your starting checklist
Keep these records privately. You do not need to upload them here.
Checks stay on this page only.
Questions worth asking
- Can a lower monthly refinance payment still cost more?
- Which part of my records changes this answer, and what should I do next?
Common questions
Can a lower monthly refinance payment still cost more?
Yes. A longer term, closing costs or a higher balance can increase total repayment even if the monthly payment falls. Compare the full new loan with available loss-mitigation options, and check whether current delinquency affects approval. A preliminary quote does not stop foreclosure.
Where should I start?
Get a payoff and arrears statement from the current servicer. Compare written refinance costs with loss-mitigation options.
Does using this guide change a payment or legal deadline?
No. Reading a guide or completing Find My Options does not file an appeal, answer court papers, stop collection, or create an agreement. Use the actual notice and the responsible court or agency to verify deadlines.
Sources & further reading
Sources checked October 19, 2026. Rules and programs can change. This article uses AI-assisted research and has not received attorney or other professional signoff. Read our editorial standards.
Keep exploring
Educational guidance for U.S. debt situations. This page does not decide legal rights, eligibility, fees or suitability. If you have a court, property or service deadline, seek appropriate help promptly; reading this page does not extend it.