Refinance. If you have equity and a good credit status, you could refinance at a lower interest rate, and also take out some of your equity and use it for your retirement or college or medical expenses and still lower your monthly mortgage payment.

Contact your lender immediately, explain the situation and negotiate a solution. Communication is the key to saving your home from repossession.

Offer a room for lease in your home. The extra rental payment can be put towards your mortgage. Perhaps a college student in the area needs a room to rent. Or maybe a friend is in between homes. This may not work for everyone, but if you have a large enough home or a guest house, the extra income may be just the right solution.

Sell your home in a short sale. This means the lender will need to approve the sale, but you will be able to save your home from repossession, save your credit and move on with your life, relieving your stress and anxiety.

Negotiate a mortgage loan modification. With a modification, the terms of your existing loan are modified by your lender. Typically, the lender agrees to lower your interest rate, add your arrearages to the back end of the loan and extend your loan term. The goal is to lower your monthly mortgage payment to one you can afford.

Talk to your lender about a repayment plan whereby you can repay the arrearages over a period of time or ask the lender if they will forgive the amount and reinstate your loan. It does not hurt to ask. You have everything to gain. Lenders really are interested in working with their borrowers. They don’t need any more repossessions sitting on their books.