Get a new job, refinance your mortgage... you have probably heard some of the standard ways to reduce your mortgage payments. Have you tried these?
Rent Out a Garage
You may not have a spare room to give, but have you considered that your garage can actually be a valuable space to use as a rental? Potential tenants include local artists and musicians as well as private individuals who need more storage space.
Rent Out Tools and Equipment
If you have started collecting a lot of different bikes, kayaks, power tools, and sound system or grilling equipment, you have the makings of a pretty nifty small business. All of this equipment is expensive to buy, and you could probably make some money renting it out to people on one of the many platforms available online.
Rent Your Car
Again, if you don't have a spare room to rent out, you have to get creative. There are ways to rent out your vehicle to people on a daily basis, and that could net you $30 or more. If you have a car mainly for occasional convenience, and you don't rely on it for a daily commute, this is the perfect way to make some extra cash off of your belongings. And you don't have to do much; the person who wants to rent the car is vetted by the website, and they arrive at your location to pick up and drop off the car.
Renegotiate Your Homeowner's Association Fees
If you have a large house payment to deal with, it is no fun to have a huge HOA bill on top of that. If you're feeling the squeeze, chances are that your neighbors are too. So, you might want to talk with them and consider approaching new HOA management companies to take over, once your current management contract is up. If they can be more efficient and charge significantly lower rates, you might save thousands over time. And a home with lower HOA fees will be more attractive to buyers. What's more is that the building may have HOA services that are too comprehensive now. If you can hold a community meeting to determine what services you might be willing to let go of, that's a surefire way to get lower rates from a new HOA management team. Hopefully, some of these ideas will help you make a dent in your monthly mortgage payments, without the need to rely on paid employment or live-in tenants.