There are a few good things happening for homeowners whose mortgage payments are currently beyond their ability to pay. The interesting thing is some have nothing to do with federal stimulus plans or the White House’s own plan to stave off foreclosures.

It helps to understand how banks don’t want to foreclose on properties. Really, they don’t. They don’t want to be property managers or real estate marketers. Especially in this very depressed market. They would much, much rather recast a loan, to keep a property producing payments for the life of the mortgage.

Next, understand why banks are hard to talk to. First, their loan officers handle hundreds of cases. With the economy being what it is, each loan officer is getting dozens of new calls every day from borrowers, many of whom are emotionally distressed and lacking both proper documentation and an ability to speak the language of banking and loans. It’s no wonder why few homeowners succeed at this on their own.

And, that’s where a new industry has arisen in this era to serve a very useful, valuable function. Loan modification specialists are intervening on behalf of distressed homeowners, going to bat for them with the knowledge they bring: legal, accounting and banking professionals generally make up the staff at loan modification firms.

The borrower needs to beware, however. Fees for loan modification should be reasonable. Expect to pay at least $300 (to negotiate terms that would reduce your costs by at least that much in one to three months), sometimes as much as $500. And the loan modification firm should offer a guaranty on their chances for success – the process is clear cut for those in the know, so they should be able to predict with a high degree of accuracy whether or not your case qualifies.

Borrowers who are already in pre-foreclosure can still use this service with success. The most beneficial act is to take the first step in finding out if you qualify.