There is a sense of powerlessness to any homeowner who is falling behind in their mortgage payments. It seems that the system and circumstances – big bad banks that want to foreclose on your home, because of a bad economy, ARM increase, job loss, illness or a lousy housing market – are all working against you.

But in fact banks and other lenders don’t want you to lose your house. They don’t want to own it and they don’t want to lose you, their customer. If you were able to keep paying every month, that’s a positive cash flow for them. And when stuck with a foreclosed-upon home in this depressed market, they will likely lose money in selling it.

This is why loan modifications are being worked out for thousands of homeowners. A loan modification is a recast of mortgage terms, generally resulting in a lower monthly payment that allows the borrower to stay in their home and continue holding title. But most borrowers are not familiar with this option, and much less don’t know how to negotiate it.

Home loan modifications help fill this gap. They are professionals – lawyers, accountants, home loan finance experts – who know inside industry information on what a bank will be willing to do. They know that point at which a deal is a winner or a loser for a bank. So their job, working entirely on behalf of the homeowner, is to hit the lowest, most affordable terms possible while still satisfying the lender that this mortgage will be good for them over the long haul.

It’s really rewriting a mortgage, always to the benefit of the homeowner. This is something rarely reported in the media, which tends to focus only on the negative.

Note: working with loan modification companies should carry no risk. The better loan modifiers know with high certainty what success they will find once they examine the specifics of a case. And they should offer a 100 percent money-back guaranty in case they are not successful. Fees generally are around one month’s mortgage payment, not points or a recurring expense. Many firms are allowing fees to be paid in installments.