Create a new repayment plan

If you are in a financial position where forbearance is an option, go this route. It may take awhile and seem like a lot of paperwork, but it is the least complicated option. This is a short term option where you sit down with your lender and agree upon a new payment plan. Avoiding foreclosure is beneficial to both parties, so your lender will most likely be willing to work with you.

Restructure your loan

This is a more complicated option that takes a lot more paperwork, but is a long term solution. Most of the time this needs to be done with a refinance. Call your lender to see about extending the life of your loan in order to reduce monthly payments and save yourself from a major derogatory credit event.