Want to lower your mortgage payments? Talk to your bank or lender!

Homeowners whose mortgage payments are now more than they can afford can often get help from their mortgage holder.

Most people who see a foreclosure looming in their future think a government-supported program to lower payments is their only hope. They are more likely to qualify for loan modification from their own bank. It can be faster and easier then the government's Home Affordable Modification Program (HAMP)

Reports by government and private analysts show that modifications by loan servicers are increasing. They may lower payments by reducing the principle, decreasing interest rates and extending the term.

At Citigroup, people are first considered for the HAMP program. If they don't qualify, they are considered for Citi's alternative programs. Some get the same modification as in Obama's HAMP, in which the payment is adjusted to 31 percent of pretax income.

Citi reduces the interest rate to as low as 2 percent, then may extend the loan up to 40 years. They could also defer a portion of the principal until the loan is paid off and waive interest on the deferred amount.