 TITLE: What Happens if You Can’t Make Mortgage Payments During a Recession? CONTENT: Consider Refinancing Your Mortgage if You Have Good Credit\n----------------------------------------------------------\nIf you aren't able to arrange some sort of forbearance, but still have good credit, you might ease your financial situation by refinancing your mortgage. Mortgage interest rates tend to fall during times of recession, which means refinancing could net you a lower monthly payment that makes it easier to meet your financial obligations.\nYou stand a better chance of your application being approved if you've got good credit. In general, that'll require a credit score of at least 620 for a conventional mortgage refinance. However, some government programs lower the minimum score to 580, or don't require a minimum score at all.\nOther factors a lender will consider when you apply for a mortgage refinance loan include:\n*   Your credit score and credit history\n*   Current debts\n*   The payment history on your current loan\n*   Your income and employment history END