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We have a real problem looming, which affects 30 million people in the United States. Increasing numbers of homeowners are losing their jobs, or having their salaries reduced. Increasing numbers of home owners are falling behind with their car, mortgage or credit cards payments. These home-owners are in danger of defaulting on their mortgage loan and having their house suffer foreclosure. But there is an answer, and many home-owners aren’t even aware of this as an option: it’s called loan modification - sometimes referred to as loan mod.

Mortgage loan modification doesn’t involve refinancing, so there is no credit check required. It doesn’t involve debt consolidation. It is renegotiating the existing loan to affect a reduction in interest rate and, under certain circumstances, a reduction in loan principal. And there is no increasing the term of the loan. A new, lower, monthly payment is achieved which is sustainable to the home owner. Loan modification is a true win-win solution for all parties concerned. For the home-owner it often means the difference between keeping or losing their house. To the banks, it could mean no less than the difference between folding and staying solvent.

There’s no reason why people can’t arrange their own mortgage loan modification by contacting the loss mitigation dept at their bank. But it seriously is not recommended - the banks will usually only offer a slight lowering in interest, or no reduction at all. It’s much better to engage the services of an established loan modification firm, which has its own team of loan modification lawyers, who do nothing other than talk with banks all day long and know how to accomplish a significant lowering. Doing it alone is similar to representing oneself at a court of law - it’s seriously unadvisable. A reliable mortgage loan modification firm can attain a 30 - 50% reduction in the interest rate without an increase in the term of the mortgage loan. It is well worth the fee they charge to achieve this.