If you are behind on loan payments, one option that will not be available to you is **refinancing**. Refinancing is the process of replacing an existing loan with a new loan that has better terms and conditions. When you are behind on your payments, lenders may consider you a high-risk borrower and may not be willing to refinance your loan.
Other options that may not be available to you include **loan modification** and **debt consolidation**. Loan modification is the process of changing the terms of your loan to make it more affordable. Debt consolidation is the process of combining multiple debts into one loan with a lower interest rate.
It's important to note that if you are behind on your loan payments, you should contact your lender as soon as possible to discuss your options. Your lender may be willing to work with you to find a solution that works for both parties.
For example, if you have a mortgage and are behind on your payments, you may be able to work out a **repayment plan** with your lender. A repayment plan allows you to make up missed payments over time by adding a portion of the past due amount to each monthly payment until the past due amount is paid off.
