Today many home owners in America are struggling to make their mortgage payments. Many of these borrowers have adjustable (ARM) mortgages that have reset to a higher rate. Unfortunately for some an ARM was the only option at the time do to credit issues. But what ever the reason having a hard time making your mortgage payment is a serious problem, but there are some things you can do to help yourself before its to late.

Refinance If You Can- If you are lucky enough to be in a position that you can refinance to a lower fixed rate loan you should do so ASAP. Make sure you refinance with a reputable local lender that also originates FHA loans.

Talk To Your Lender- Many lenders do not want additional foreclosures on their books and are willing to work with borrowers to keep the account current. They may reduce your interest rate, convert your loan to a fixed rate or any number of things. But the key is to contact them early on and be honest and upfront with them.

Budget Your Money- In todays world people are paying for many unneeded luxury items that can add up to a large sum every month. For example canceling your cable television service and cell phones can easily save $200-$300 per moth. Even doing small things like raising insurance deductibles and not eating dinner out can add alot of money to your budget every month.

Get a Smaller House- While this is probably the harshest for many people to hear buying a smaller house is a guaranteed way to reduce your monthly payments. If you have left over equity from the sale of your current home you can use it to put a down payment on the newer more affordable home further reducing your monthly payments.