If you've been served with a Notice of Intent to Foreclose, there are typically only three ways you can save your home.

1. Pull the money from your savings.
2. Borrow the money from a friend or family member.
3. Refinance your existing mortgage.

Foreclosure is a bad thing. A very bad thing.

So, if you have the money sitting in your savings or investment account, by all means use it. Having a property go through foreclosure burns money. You'll avoid having the foreclosure show on your credit history, and you'll usually get more money out of your property by catching up your delinquencies.

If you have a friend or family member who is willing to loan (or give) you the funds, you may want to take advantage of it. Just remember -- you can ruin a good friendship by involving money in it. Make sure they know that your finances are tight, and that you might have a problem paying it back, and then do everything in your power to make sure that you do pay it.

When neither of the first two options are available to you, you'll need to look to the bank for a loan. Whether or not to do this depends on your current situation and the likelihood of things improving in the future.

The primary reason you would not want to refinance is if you don't see your situation improving in the near future. If you've lost your job, a refinance might be OK. If you're battling a long-term illness, you might want to consider selling the property instead. This will give you cash for the equity you've built up in the house, allowing you to pay your debt and have money to take care of your illness.

The second reason you might not want to refinance is if you have only a minimal amount of equity in the property. If you bought the house a year ago, and used 100% financing, you might find that there isn't enough equity in the home to warrant a refinancing.

If you do decide to refinance, there are a few ways to do it. You can do a mortgage modification, a straight refinancing, try to find a lender to give you a second mortgage, or arrange for a home equity line of credit (HELOC). As in most cases, there are pros and cons for each method.

A mortgage modification has several advantages. First, you typically finance just enough additional money to catch up the mortgage and taxes. Second, a mortgage modification is typically just a re-write of the original mortgage, so costs are minor. You're dealing with the same bank, and they have all the data on the home.

The downside of a mortgage modification is that the terms don't usually change. If you owed $60,000 over the next 26 years, and add $12,000 in new financing, your mortgage payment will go up 20%. Can you afford that?

When it comes to trying to do a straight refinancing, the key word is equity. A new lender is not likely to lend you money unless they feel they have a safe margin of equity in the home, especially with your recent payment history. Another downside is the added costs. Since you are normally dealing with a new lender, you'll need the whole gamut of appraisals, tests, and surveys. Plus you'll have loan origination fees, credit checks, and other fees to deal with.

However, a straight refinancing can be a great thing if you've held your existing mortgage for a long time, especially in an appreciating market. You may find that the house you paid $80,000 for ten years ago is now worth $120,000. And a straight refinance allows you to take advantage of lower interest rates and new payment terms. If you owe $60,000 on your 10-year-old mortgage, and need $12,000 to catch up, you can finance the $72,000 loan over 30 years instead of just the remaining 20 years.

When you don't have a large amount of equity in the home, a lender using a second mortgage may be required in order to catch up. While you may find a bank that will lend to you on a second mortgage, you'll typically use a lending company. These are companies such as American General or Public Loans. You'll be paying a pretty hefty interest rate, and the terms will normally be significantly shorter. They are taking on a high-risk loan, and they charge you accordingly.

There are times when a second mortgage loan makes sense though. If you are expecting a big windfall within a couple of years, this loan may be just what you need in order to keep your home until then. Just remember, you need to make the higher payments until then.

Another way to refinance your home is to take out a home equity line of credit (HELOC). The interest rates on these are typically variable, and fair for the current market -- but the market can change. They normally allow you to take a loan of the entire equity in your home, which can be good or bad. And the required monthly payment is usually just the interest amount.

The downside of a HELOC is one of its strengths. Since there is no required principle payment, many people tend to neglect to pay the principle down. Additionally, many will end up borrowing the maximum amount of the HELOC. Then, when interest rates climb, they have a hard time making the monthly interest payments. Finally, many HELOC's come with required closing costs.

If a refinancing seems right for you, just remember to start early, consider your options and current situation, and borrow only what you need to get you out of your situation -- never more. Then work hard to get control of your finances.

It's up to you. Get started today!