INDEPENDENCE, Mo. -- Financial experts offered advice Friday for struggling homeowners facing foreclosure.

They said homeowners who can't afford their monthly mortgage payments should first try to refinance to lower their payments.

If banks deny a homeowner a new loan, there is one more step they can take to avoid ruining their credit.

"I go through this every month," said Susan Barker, a struggling homeowner. "What bill am I not going to pay so I can pay a house payment?"

Barker, a single mother, works hard to bring home a paycheck, but she always seems to be a bit short when it comes to paying her house payment, and she is flirting with foreclosure.

"I just got my home out of foreclosure thanks to a guy who works here with me and let me borrow the money from him," Barker said.

Barker has tried to refinance her house from a 15-year to a 30-year mortgage, but her credit is bad, so her lender won't budge.

"Nobody wants to loan any money out," Barker said. "If I could find a lender to at least lend me the money, I could do it."

Many homeowners are facing the same problem, the threat of foreclosure, which can ruin their credit ratings and cost them much more.

"If they sold your house for way less than it's worth or what you owe on it, then they could actually come back and ask you for that balance," said Becky Hake, an Infinity Realtor.

Hake specializes in short sales. That's when a Realtor sells a homeowner's house quickly for less then the homeowner paid. While the homeowner still loses the home, along with any equity, the homeowner avoids foreclosure and preserves his or her credit.

"It gives you hope for the future, too," Hake said. "We have lenders who will work with you, and we can get this cleared up and in another year or two, you can probably buy another home."

For more information about short sales, call a Realtor.

The most important thing, Hake said, was to look for options as soon as possible to avoid foreclosure.