In the past it used to be moral shortcomings that were associated with home loan foreclosures. Drunkenness, drug addiction and a general failure to keep up an income were what led to distressed loss of a home. But this is not your father’s housing crisis and economic meltdown. Today it is job loss, skyrocketing ARMs, illness not covered by insurance, divorce and a housing market where very little sells that leads to mortgages in trouble. The monkey on our backs is circumstance not asked for or deserved.

But it is what it is. The best way to manage the situation is to seek alternatives. The government mortgage plan might work, but might not work in time for millions who are facing foreclosure now. For those homeowners, a loan modification program might work best.

A loan modification program is basically where you approach your lender and say, “Look, I can’t make the payments I’m now stuck with. But I have some income, and can make lower monthly payments under different terms. Let’s make a deal.”

And banks will listen and deal, if approached in the right way with the right information. The problem for most people is they don’t know the financials on the bank’s side, what lower, recast mortgage terms they will agree to. Also, bank loan officers are managing hundreds of cases and thus are not able to help most homeowners with this process.

That’s why thousands of homeowners are using third party intermediaries, home loan modification specialists. These are home financing professionals, lawyers and accountants who work on the homeowner’s behalf. Their one goal is to get a better, manageable mortgage for the borrower. If they’re good, they will know with high certainty (90 percent or higher) whether a case will be successful, and if they still don’t succeed, they will refund the fee to the borrower (fees range from $300 to the monthly mortgage currently paid).