Often, at some time in one's life, they face financial hardship. These tough financial times most often affect mortgage payments because they are usually the largest debt incurred, and the highest monthly payment people face. My first suggestion is to always talk to your lender - the mortgage professional cannot help you if they don't know your situation.

The suggested fixes in my previous blog can often help save your home during short-term circumstances. However, if you are shortchanging financial goals - such as saving for retirement - that's a sign it might be time to rethink what you are doing. Instead, try the following strategies to avoid having your home wreck your finances.

If you've already trimmed your budget as thin as possible, you may need to consider more drastic moves.

• If you have both a variable-rate home equity line of credit and a primary mortgage, you may save hundreds of dollars a month by refinancing into one new fixed-rate loan that ropes in both balances. A $200,000 fixed-rate mortgage at 6 percent, plus a $100,000 Home Equity Line of Credit (HELOC) at 9.25 percent, works out to total monthly costs of about $2,230.Roll that entire $300,000 into a 30-year fixed-rate loan at today's rates and your payment will be approximately $1,800 ... a savings of about $450 a month. That will quickly offset the cost of the refinance.
• Consider refinancing if your credit has improved or you simply didn't get a good deal the first time around. If you currently have a 15-year mortgage or are more than 10 years into a 30-year loan, stretching out the payments will save you money now, though you'll pay more interest in the long run.
• If refinancing isn't a solution and you think you might not be able to make your monthly payment, call your lender immediately and ask about a temporary reduced payment schedule, known as forbearance.

The last thing a lender wants is to foreclose; they run the risk of losing money. Keep in mind that your lender isn't obliged to give you a break, but you have a good chance if you can prove financial need and have a plan to get back on track. And you'll avoid a ding on your credit score.

Unfortunately, there are times when no amount of budgeting and strategizing will alleviate your housing stress, it's time to consider moving on. The good news is that if you have owned your home for several years, you may still be able to sell at a profit. This will also keep your credit rating intact and position you to own another home in the future.