Offer your thoughts or opinion on the input financial query or topic using your financial background.

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?
I would say generally, the answer is No.   There might be some short term relief to people in certain situations, but generally speaking you sign a contract to borrow money and you are responsible to pay.  This is why home loans offer better terms then auto loans, and auto loans better than credit cards or things like furniture.  The better terms offer less risk to the lender because there are assets that can be repossessed.  Homes retain values better than autos, autos better than furniture, and credit cards are not secured at all. People are not as helpless as your question suggests.  Sure a person might lose their high paying job, but could they still make a mortgage payment if they worked really hard at it?  This might mean taking several part time jobs.  Now if a person buys a home that has a very large mortgage payment this might not be possible.  However, wise people don't buy every bit of house they can afford.   People should also be wise about the kinds of mortgages they use to buy a home.  Many people lost their homes due to missing a payment on their interest only loan.  Penalty rates and fees jacked up their payment, that was way beyond their means.  If they had a fixed rate loan the chance to catch up would have not been impossible. Perhaps an injury might prevent a person from working.  This is why long term disability insurance is a must for most people.  You can buy quite a bit of coverage for not very much money. Typical US households have quite a bit of debt.  Car payments, phone payments, and either a mortgage or rent, and of course credit cards.  If income is drastically reduced making all of those payments becomes next to impossible.  Which one gets paid first.  Just this last week, I attempted to help a client in just this situation.  They foolishly chose to pay the credit card first, and were going to pay the house payment last (if there was anything left over).  There wasn't, and they are risking eviction (renters).     People finding themselves in crisis, generally do a poor job of paying the most important things first.  Basic food first, housing and utilities second, etc...  Let the credit card slip if need be no matter how often one is threatened by creditors.  They do this to maintain their credit score, how foolish. I feel like you have a sense of bondage associated with debt.  It is there and real despite many people noticing it.  There is also the fact that compounding interest is working against you and with your labor you are enriching the bank.  This is a great reason to have the goal of living a debt free life.  I can tell you it is quite liberating.