If you’re wondering how you’re going to pay your mortgage due to the spread of coronavirus, you’re not alone. Luckily, there are some things you can do to help take care of that monthly payment. Read on below to get a sense of what options are available to you.

Talk to your loan servicer before your payment is due

Once you realize that your going to be unable to make your mortgage payment, your first call should be to your loan servicer. Essentially, your loan servicer will be able to tell you about all the options that are available to you, based on the specifics of your financial situation.

Ideally, this phone call will happen well before your payment is due. The more time you give yourself before you have to make a payment, the more time you have to come up with a solution. If lines are busy, don’t hesitate to try again until you reach someone who can help you with your problem.

Ask about loan deferment

Fannie Mae and Freddie Mac – the two government-sponsored enterprises that buy most of the country’s mortgage debt – recently announced a new payment deferral option. The option was originally intended to be rolled out later this year, but has been released early due to the spike in unemployment from coronavirus.

The deferral option would allow you to temporarily defer your mortgage payments for two months by adding them onto the end of your mortgage. In other words, while you’ll get a break from paying now, you’ll still have to make up those payments at the end of your loan term.