Know Your Options
At any point when you are spending more then 35%+ of your take home pay on your mortgage, utilities and home maintenance you have to re-examine how long you are able to maintain the path without putting your self into a bad financial spot…. or are you simply throwing good money at a problem you can not fix.
This is a process where you work directly with you bank to figure out a win-win regarding your mortgage payment. If you have a short term hardship the bank may be willing to reduce you payments for a period of time or permanently so that you can keep your property.
Sell Your Property
You can take control of your financial situation and sell your property. Regardless if you have a lot of equity or if you are upside down where you owe more then what your property is currently worth. Selling your property sometimes is the right option to take control of your finances.
This is the option of last resort. If you owe too much on your property and the payments just do not make sense you can walk away from your property and the bank will eventually foreclose on your property. Certainly you should learn more about the negative impacts on you long-term before heading down this path.