If you are trying to lower your loan payments, then there are several options available depending on your situation. Here are some options:

I. Refinance the loan to a lower interest rate.

If the interest rate is 2.0% lower then your loan rate it is probably a good idea to refinance. Any decision will depend on the on the balance of the loan. For instance if you are able to lower your payment and refinance to a lower interest rate and lower term, then refinancing may be work for you. If you have ARM that will reset you need to start trying to find a fixed rate mortgage. Most ARMs will reset to a substantially higher interest rate. I had a two five year ARMs that was lucky enough to get of when I sold the properties. Interest rates most likely will go up due to the fact the government is printing too much money and inflation is most likely around the corner. So you need to try and refinance to get out of an arm.

II. Check for unnecessary charges or fees

Some mortgage loans require private mortgage insurance if the loan balance is over 80% of the value of the property. You may want to pay down the mortgage or refinance if your lender will not remove the private mortgage insurance. I refinance a HUD loan to equity line at US Bank to get rid of the private mortgage insurance. The US Bank loan had no closing costs so I was able to remove the private mortgage which was about $70 a month, lower my payment, my interest, and reduce the length of my mortgage to 20 years. It was a good situation for me.
III. Talk to your Lender about lowering your payments or modifying your loan.
Some lenders may be open to lowering your payments. You may want to contact your lender to see if they will work with you to lower the payments. You should negotiate with the lender to modify your loan or reduce the payments. You could tell them that you may go to another lender if the are unable to work with you. Some lenders will want to keep as client as you are paying a substantial amount of interest over the life of the loan.

IV. Consider paying down or transferring or consolidating high interest payments to a lower interest payments.

You should try to pay the down high interest loans. You should check the disclosures or use a spreadsheet to see how much the interest is costing you every year. You should work to pay down the high interest loans by making a budget and paying down the high interest loans with any extra money you have left over in your budget after you pay the basics of shelter, food, and utilities. If you are paying high interest credit card, auto loans, or student loans, then you may want to shop around to see if you can get lower interest rates on these high interest loans. Interest rates will not stay this low forever so you may want to consolidate the loans to a lower rate.

V. Consider Debt Negotiation, Bankruptcy, or Hardship.

You may want to consider talking to your lender about getting a hardship. Some lenders may be able to lower your payments and extend the loans or work out some other type of deal such as a forbearance agreement. You may want to consider a bankruptcy or debt negotiation. Creditors are not permitted to contact you once you file a bankruptcy or hire an attorney to do debt negation.
A bankruptcy will usually discharge your unsecured debt. Debt negotiation is a process where typically, a law firm, develops a plan to manage your debt resolution with your creditors. Some companies including Legal Helpers have started practicing in the area of Fair Debt Collection. Their firm includes debt settlement and bankruptcy. Here is their contact information:

Legal Helpers Debt Resolution, LLC
Macey, Aleman, Hyslip, & Searns, Debt Negotiation & Bankruptcy Attorneys
Mark Anderson, Partner
151 Thomas Street, Hamilton, Montana 59840
Phone: 1-(877)-216-2066, Fax: 1-(877)-277-216-2088
email: manderson@legalhelpersdr.com, website: www. Legalhelpers.com

With the economy getting worse and job creation at minimum, it is likely that there will be more debt negation and bankruptcies. If you would like to resolve your debt, then it is probably a good idea to consult a bankruptcy attorney or debt resolution attorney.