Contact your mortgage company. Notify the customer service representative that you have fallen behind on your mortgage payments. Explain the situation and your financial hardship. Inquire about what refinancing options are available to you. The lender may be able to offer you a lower interest rate or extend your loan to reduce the payments.

Contact other lenders in your area. You can contact various lenders to see if they may be able to offer refinancing options on your current loan. You can expect the lender to pull your credit report. If you wish to finance your mortgage, try to do so before you have fallen too far behind.

Ask your mortgage company who owns your loan. If your mortgage is owned by Fannie Mae or Freddie Mac, refinance options may be available specifically for your loan. Both companies have a refinance plan available for qualified homeowners. Through the Home Affordable Refinance Program, homeowners who are current on their mortgage can also refinance at a lower interest rate. To qualify, the amount owed on the loan must not exceed 125 percent of the current market value.

Call a HUD-approved foreclosure prevention specialist. Under President Obama's Making Home Affordable Program, you can modify or refinance your mortgage loan to make payments more affordable. Usually, you will need to meet certain criteria. The loan must be under $729,750, you must have suffered a hardship such as loss of job or reduction of income, and the home must be your primary residence. To qualify, the home must have been purchased before January 1, 2009. To start the application process, have all your financial records in order. Call the Homeowners HOPE hotline at 888-995-HOPE.