Great question to ask before you lose an engine on a twin. I have about 2000 hrs on heavy turbo props and 10 hrs on model multi's.

Haven't lost a bird yet, but have had at least 5 model engine failures in flight.

I always mix rudder and aileron for cordinated turns and this will immediately help on engine out. The time between engine failure and crash is about 1.2 heart beats, so you must know how to recognize a engine failure without depending on hearing a change in the engines.

If you lose an engine low and have never had an engine failure I would go to idle and land immediately. I know this might be a hard landing but if you power up most probably depending on bird design, will just snap into the ground. If 500 ft high then try to fly level with full rudder (use mixing) and if you can't maintain direction go to lowest power setting you can steer and land.

Jim