A loan modification is an agreement that is negotiated with your lender which changes the terms of your current loan. Most lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives. You must show the lender why it would be in the lender's best interest to agree to a workout arrangement. If convinced, a lender may be willing to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms.

A loan modification generally occurs where the parties to a problem loan mutually agree to work out the problem by creating new and better loan terms. The goal is that the new loan will enable the borrowers to meet their obligations.

Important points to remember throughout the process:

• Stay in your home during the process, since you may not qualify for certain types of assistance if you move out.
• Do not spend your house payments; if your lender decides to negotiate a repayment plan or a loan modification, then they may want what is called "good faith" money from you.

If you're in danger of losing your home, you only have limited time and just one shot to get it right. The sad fact is that homeowners who try to do their own loan modifications have a failure rate of over 80%. And the reality is that your lender does not want your home - they would much rather have you keep making your monthly payments and keep your home!

We understand the stress you're under, and the confusion of all the companies and options you have. Take the first step to getting back on track and contact us today. You've found the solution with Loan Resolution Services - we have the expert legal staff and experienced loss mitigation specialists to help you.

• You owe more than your home is worth
• You can't sell or refinance your house
• Your mortgage payments have increased or are going to increase
• You don't have the credit or equity for the bank to give you a new loan
• You've experienced a recent job loss or other financial hardship