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If I were to get into a life situation where I would not be able to make regular payments, do lenders typically provide options other than default?
For insight on what will happen, I suggest looking at the situation from the lender's perspective: If your setbacks are temporary, and you are likely to get back on your feet again, they will protect their investment by making accommodations, and probably charging you extra fees along the way. If your financial hardship seems irredeemable, they probably try to squeeze you for as much as possible, and then eventually take your house, protecting their investment as best they can. If they are going to foreclose, they may be reluctant to do it quickly, as foreclosure is expensive, takes man power, and looks bad on their books.  So it may get pushed off for a Quarter, or a fiscal year. But if you are asking if they'll help you out from the goodness of their heart, well, a bank has no heart, and creditors are interested in ROI.  They'll take the easiest path to profit, or failing that, the path to minimum financial losses.   The personal consequences to you are not their concern. Once you realize this, it may change your thinking about your own situation.   If you think you have a path to financial recovery, then you need to make that clear to them, in writing, with details.  Make a business case that working with you is in their own best interests. If you cannot make such a case, recognize that they'll likely squeeze you for as much as possible in penalties, fees, interest payments, etc, before eventually foreclosing on you anyway.  Don't play that game. If your home is a lost cause financially, plan how to get out from it with the smallest losses possible.  Don't pay more than you need to, and don't throw good money after bad.