When you find yourself in default on your mortgage payment, your options are limited. You do, however, have several options to work with and hopefully stop the foreclosure process. Try to consider the advantages and disadvantages of your options and figure out which option is the best one for your situation.

Make sure your balance is budgeted—The main problem you have if you are in default is a lack of money to pay the mortgage. It is important to do a real disciplined examination of your family budget. You may think you’ve done all the cutbacks you can do, but take another look. You can also spend less money in other areas. If it’s feasible, you may try to increase your income by a second job or selling items you have at home perhaps on ebay.

Usually homeowners aren’t spending money excessively if they’re having difficulties. Still, go beyond that and carefully examine your family’s everyday spending over the course of a week or two. You may find additional areas that can save money. Make a list of your monthly bills and prioritize them. You should consider discontinuing things that are for luxury items.

Sometimes people fall behind because they lose their job. If you can work, try to find a job, even if it’s a temporary part-time job to help you make the payments. You may be overqualified for it and it may not pay what you’d like, but it may be a means to keep your mortgage payments up to date.

Sometimes you can find a short-term source of income like loan from a friend or relative. You may also be able to use a credit card. Only do this if you have a good chance to pay the money back soon. It can have a lot of fees you have to pay.

It’s never good to put yourself further in debt if there’s no chance to get out, but it is good if you’ve been out of work and gotten behind, but now you’re back to work and just need to catch up.