Sometimes the market fluctuates, homes lose value, and homeowners find themselves "underwater" on their mortgages, meaning they owe more than their home is worth.

If you find yourself underwater, there are steps you can take to turn things around.

Selling your home or using a traditional refinancing program may not be an option when you're underwater, but you can find other help through your lender.

"If the borrower has been making payments on time and has good credit, the lender is more likely to offer some help," says Benny D. Waller, a professor of finance and real estate at Longwood University in Farmerville, Va.

However, acting quickly may make a difference." Waller says, "It's a good idea to approach a lender as early as possible.

If the depreciation of your home hasn't fallen far below the amount of your loan, you can build positive equity in your home more quickly by paying more on your mortgage each month to get more money.

To find this money, create a monthly household budget and eliminate any unnecessary expenses. This can feel difficult, but remember that any amount you pay over and above the required mortgage payment will go toward the principal, helping you pay off your loan faster.

However, Waller warns, "If foreclosure is unavoidable, it's better to save that money for a rental deposit or other necessities.

If your budget is stretched too thin to pay off your mortgage, finding extra income can save you from foreclosure - and you may be able to find that income in your own home.

Renting out an extra bedroom or private space (such as a renovated garage) can be a great source of income, but you shouldn't take that chance.

Waller suggests adding a separate entrance if possible.

"For any tenant you're considering, run a credit check, ask for references and ask for a deposit," he adds.

You may be able to get help from government-backed programs such as the Home Affordable Refinance Program, which refinances loans sold to Fannie Mae or Freddie Mac.HARP gives you a better, more affordable mortgage by making one or more adjustments to your mortgage, such as changing from an adjustable to a fixed interest rate or shortening the term from 30 to 15 years.

If you have an FHA or VA-backed loan, you may be eligible for similar assistance through other government-backed programs such as FHA short-term refinancing. To find out if you qualify, visit the Making Home Affordable website or contact your lender.