I’m certain that all of you loves the residence in Phoenix, Arizona that you live in and would never want to lose that home to foreclosure.  However, with the status of the economy and the housing market, a lot of Americans are preparing to cope with losing their homes. The good news is that foreclosure in Phoenix, Arizona is preventable through loss mitigation.  The solution is to take action before the lender does.  As soon as you neglect one payment, the clock starts ticking.  So, when you appreciate that you can not make payments on your house mortgage any longer, it is time to drop a line to the loss mitigation department at your bank.  Their job is to help keep the bank from losing currency. 

Renegotiate a lower payment, or lower interest rate that would lower the payment.
Try to defer a couple payments (some lenders allow this)
Find a private lender (someone that has enough money to buy out the mortgage and then you just pay them back under whatever terms they set up with you)
Get a part time job to help make payments
Get someone to rent your basement or a room or suite (this would still be your principal residence, you’ve just got a ‘roommate’ now as well).
Create a budget and really analyze where you money is going and ways to free up cashflow.