There are many people today in American losing their homes to foreclosure what can be done if you are threatened with your house being foreclosed?

Your best options if you think its heading that way is to seek out advice from a FEE only financial planner or a non profit counseller

They usually will help you by providing you ways to increase your income and decrease your expenses so you can afford your payment each month.

So what about Re financing to get a lower mortgage payment?

Refinancing is not an option if your facing foreclosure because usually the person owes more to their mortage lender  than the house is worth

So what do you do if you cant refinance or afford the payments?

1. Call your lender arrange with them some form of arrangement, sometimes they can propose a forbearance. With this they might say your off the hook paying for a few months or they might let you pay a small amount of the mortgage but these are only short term solutions

Usually this only happens if you have good income coming down the road

2. Go to lender and propose a short sale of your home. Which means you will sell the house back to them for the amount that you owe on your mortgage and that may be worth more than the house itself but that way the lender would take a loss.