Foreclosure is the dirty word of 2009. With millions of Americans facing hardship from loss of employment, or an ARM that took monthly payments beyond reach of their income, or both, foreclosure and pre-foreclosure are common concerns on virtually every residential street in America.

What’s become plainly evident in this era is that the legal and financial language of mortgages and home ownership overall is beyond the comprehension of a majority of hard-working people. This includes those with college educations, even graduate level degrees. And it’s the reason why bringing in a third party to negotiate with a lender makes a boatload of sense.

Loan modification firms are specialists in real estate and finance law. They know how banks work, and what will convince a lender to change the terms of the loan. They are able to show the lender that a foreclosure is not in the bank’s best interest in many situations. When they do, they succeed in recasting the terms of the mortgage, effectively enabling homeowners to stay in their homes at lower monthly and life-of-the-loan costs.

Reputable loan modification specialists generally charge the equivalent of one monthly mortgage payment to work on a homeowner’s behalf. Because they can look at the objective details of a case before going to work, they should be able to project with high certainty whether or not they will be successful. And the most respected firms offer a 100% guaranty cash-back if they are not successful.