No one ever said life was a bed of roses.  But who knew that the financial crises we’re facing worldwide would be a bed of thorns?

For anyone in a distressed mortgage, possibly facing potential foreclosure on their home loan, life is thorny indeed. It’s bad enough to suffer income loss, possibly illness or divorce – traditionally the primary reasons for bankruptcy and foreclosure – but throw in the difficulty of dealing with harried and distant home loan officers at your mortgage bank and it’s a formula for almost unbearable emotional stress.

The solution for millions is coming in negotiations for better mortgage terms. In fact, banks are not interested in owning anyone’s home. That’s a failure from their perspective as well.  It costs them money to pursue foreclosure through the courts, and when they own a property they are stuck with liabilities associated with it and selling in a difficult market. And you better believe that when a bank owns a house, the garden isn’t getting much attention.

Loan modification firms can handle the paperwork and negotiations for the homeowner.  In fact, many therapists, attorneys and realtors recommend it – by hiring professionals (loan modification firms are staffed by attorneys and home finance people), the outcome is more likely successful. In their industry, they know specific cost structures for the lenders such that they can create the win-win – better loan terms the homeowner can handle, yet still maintain an income to the lender.

Loan modification firms even know upfront what their success rate will be with more than 90 percent accuracy.  When contracting with a firm, ask for a 100 percent money back guaranty to protect yourself in an otherwise thorny situation.