If you are fearful of losing your home and being foreclosed, you might want to look at reducing your mortgage payment. What are your options? Here are a few helpful ones:

• Ask to change the terms of your mortgage. Some people pay weekly, biweekly or bi-monthly payments. A monthly payment takes longer to pay off but you can sometimes change to this option temporarily to save a few hundred dollars a month

• Refinance. You might want to stretch your mortgage out a few years in order to have a smaller payment. This could provide you with some extra money each month and take some pressure off

• Sell and buy a smaller house. This might not seem to be a great option but might be the best option if you are struggling and worried about losing your house. Foreclosure listings could provide you with plenty of great options at prices much lower than what you’re paying for today

• Reduce some other expenses. If you can’t get your mortgage payment lowered and are determined to keep your house you might want to look at tightening your belt in other areas to make the ability to make the mortgage payment more possible

• Find a new financial institution with better rates who wants your business.