If your home is in foreclosure or even pre-foreclosure, there is still time to save it from being lost. It takes definitive action right away and you must obtain some professional help immediately.

The best option you have is if you are able to refinance your mortgage. Refinancing means in essence you will be able to start over with the loan, like wiping the slate clean. There are even times you may be able to get lower interest rates as well. Not all situations will be fixed by mortgage refinancing, but there are still options open to you.

First, find out how much equity you have in your home. Equity is the amount you have paid off to the principle already, not just the interest. If you have at least 15% equity you might qualify for a refinance. Having 25% equity in your home makes you a good candidate as the higher amount you have already paid off the better. Any less than 15% you will find lenders are less likely to work with you.

If you do not have any equity built up in your home yet, look into the Homeowner Affordability and Stability Plan. President Obama has put a program in place to help homeowners keep their homes in difficult financial times. If you are paying over 31% of your gross monthly income to your mortgage, you may be able to refinance or get other financial help.

Get professional advice at HopeNow.com. Every state has their own laws and regulations dealing with mortgage refinancing and foreclosure - so you need to find out what is relevant to your own state. They can give you good advice and even recommend lenders to you.

Go to more than one lender, including your original lender comparing quotes for your refinancing. The best bet is your original lender as they already have an existing relationship with you.

Make sure you never pay for mortgage refinancing advice, this is information you can obtain for free. Gather all information you need first before making any decisions.