The many reasons many homeowners have undergone a loan modification, not only because they are behind on their mortgage payments but also include:

* Going Through a Financial Hardship?
* Have an Adjustable Rate Loan?
* Looking to Prevent Foreclosure/Losing their Home?
* Having Trouble Refinancing?
* NO Equity
* Owe more than their house is worth?
* Looking to lower their payments?

According to Sheila Blair, the Chairman of the FDIC, it is estimated that currently there are around 5 million homeowners who are late on their mortgages or heading toward foreclosure. In the next 12 months that figure is estimated to rise to 6.4 million.

The Federal Government is Pushing Banks to Modify Loans in an Effort to End the Foreclosure Crisis.

- Banks Simply Can’t Afford to Take On Any More Empty Homes and Are Working Aggressively to Modify Loans for Homeowners in Trouble and Those in ARMs That Are Heading for Trouble.

What should be taken away from this is that it is not your fault and that you are not alone! Everyone from the Government to the Banks to the People want a happy conclusion to this mortgage meltdown.

Loan Modification is the best solution at present.

What is a Loan Modification? That is where you and your lender agree to modify one or more of the terms of your home mortgage loan. The goal of a Loan Modification is to help you keep your home and to give you a real, meaningful, sustainable, and long-term adjustment to your current home loan that works for your financial situation.

How Do I Do A Loan Modification?

A. Do It Yourself- If you have the knowledge, patience and time, you can do it yourself. You can contact your mortgage servicer and/or lender directly and request a Loan Modification that works for you and your lender. Time is of the essence if you are getting behind on your mortgage payments. Be persistent! – call back many times. Document all your correspondence (phone calls, messages, person you spoke with, what’s said & discussed) with your lender. Remember that when you call a Lender, you are calling a debt collector, and anything you say to the Lender can be used to collect that debt. If you have no experience negotiating with a debt collector, it is much wiser to let a professional handle it.

B. Why Not Use An Attorney?

1) Attorneys charge upfront fees, usually with a minimum fee of $3000.00
2) Even if the Attorney is unsuccessful, they will keep the Clients money.
3) Most Attorneys have no experience dealing with a mortgage Lender.
4) The main goal of an Attorney is not to modify a loan but to create a lawsuit against the lender. The majority of these lawsuits have no grounds, and therefore are unsuccessful. Attorneys will keep the Clients money anyway.

C. Other Free and Safe Options — If you don’t believe you can negotiate a Loan Modification yourself, or if you do not want to, there are safe options available to you.

1. The U.S. Department of Housing and Urban Development (“HUD”) offers Foreclosure Avoidance Counseling. The Department of Housing and Urban Development provides timely and useful information regarding loan modification. Go to HUD’s web site at http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm

2. Avoid Paying upfront fees. There are “No Upfront Fee” companies that can negotiate for you and you pay only if they get results. Find one that analyzes your whole financial situation, not just a Mortgage Loan Modification, but also a Loan Modification Repayment Plan, Forbearance Modification, Short Refinance Modification, and Property Tax Modification.

Author-Bio: No Up Front Fee Loan Modification Program. Pay ONLY If We Get Results. Find Out If You Qualify:

http://No-UpFrontFee-LoanMod.com

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