By Mark Cunningham

It is no trouble to talk about some things, like whether your home team won on the weekend. Then there are other subjects, like falling behind on your mortgage, people won’t talk about even if their life depended on it. You won’t have any problem getting your mate to relay all his adventures on his last trip to Spain, but getting him to spill his guts about how he is about to lose house and you would have a better shot at him revealing that his girlfriend finds him lacking in the bedroom.

However, as hard as it might be to talk about, it is relatively easy to find a workable solution to get you out of your financial mess. There are things you can do to fix your problems and start to live a normal life again. This article contains a few of those things.

One of the first things you should do is face up to the truth about your mortgage payment situation. One possible solution might be switching to an interest-only loan. You won’t pay off your balance for a little while, but you will reduce your monthly expenses in the short term. While not an ideal long term solution, this can be an effective short term fix, and certainly is superior to losing your house and becoming a renter again. In many cases, the interest rates on an interest-only loan can actually be lower than an equivalent fixed-interest loan.

A second alternative may be to extend the term of the loan. You could add five or ten years to the life of the loan. This would result in a significant lowering of your monthly payment, although you would have to be prepared to accept that you would be paying on the loan for a longer time, and would potentially be paying a lot more total interest over the life of the loan than you would have if you kept the shorter amortization schedule.

Finally, you may have to simply get creative to increase your cash flow. Working more hours or getting a part time job will obviously result in a higher income for you. Another alternative might be to sell something you already own on eBay to make some money. You might even free up some space in your house with this strategy. Lastly, if worst comes to worst, you could consider letting your deadbeat brother in law rent your extra bedroom from you. While this may not be the best solution for various reasons, it could help you out of a tight spot.

The recession has put unprecedented financial pressure on millions of households around the world. Losing sleep over the thought of defaulting on your mortgage is something no one on earth would find enjoyable. However, just like most everything in life, attacking the problem head on instead of sweeping it under the rug and burying your head in the sand will produce much less pain for you in the long run.

So there you have several solutions for helping improve your financial situation, although you should keep in mind that there are plenty more, so get your thinking cap on if you are up against it.

About the Author: Get in touch with our qualified Mortgage Brokers by contacting us at ukmortgagesource.co.uk for expert advice on home loans http://www.ukmortgagesource.co.uk

Source: isnare.com

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