Mortgage financing might not seem a likely option if you have lost your job, have bad credit, or a home that’s “underwater” – worth less than what you owe on your adjustable ARM mortgage.

But in fact none of these circumstances mean you can’t recast the terms of your mortgage. Because of federal loan modifications initiatives, mortgage refinancing is now possible. Why?

• Banks don’t want to own houses. They’d rather keep you as a mortgage-paying customer over many years.
• The economy overall suffers when people lose their homes. Society is more stable when people own, and still have money leftover to buy other goods.

This is why loan modifications are the new and effective solution for many people. It’s possible to negotiate terms on your own, but many housing advocates are encouraging homeowners to engage a third party, an independent loan modification company that is expert in negotiating with banks. They know where banks are coming from, the terminology and the paperwork process. They charge you a one time fee – look for around $300, a reasonable amount that enables them to make some money without soaking you in your sometimes-desperate situation – and will only take your case after examining your situation and circumstances.

So yes, there is a way to get mortgage refinancing, to stop foreclosure, to work with hard money lenders in ways that enable you to hold onto your home – despite problems with income and credit.

A few minutes spent investigating your options today might mean years of emotional satisfaction in the home you already own.

It’s hard to not be emotional about your home. You probably were excited when you bought it, and envisioned years of a happy life the first day you moved in.

That’s why the cold business of adjustable ARM mortgages, dropping home values, and even the need to stop foreclosure are so out of whack from where your emotions are. Try dealing with a bank when you are behind in your mortgage, or trying to get them to recast your loan in better terms. You’ll likely deal with someone who is not interested in your emotions.

Federal loan modifications are now possible to help you hold onto the home you love. Still, it is hard to separate the emotional from the business side when your lender is using terminology you may not be familiar with. And when you’re not familiar with terms, you worry you may make a mistake that could ultimate lead to home foreclosure.

A loan modification firm is set up to negotiate between the emotional factors and the hard money lenders. They understand your circumstances – because everyone they deal with is underwater, in need of mortgage refinancing in some way – but with the solid knowledge of what lenders can and want to do.

Most important, a loan modification firm is your advocate.

But proceed with caution. You need to make sure you select a home modification firm that plays fair and transparent: reasonable fees (about $300), no money down until they have reviewed your case for viability, and a 100% money back guarantee if they are unable to find workout plans.

In the midst of endless bad news on the economy and the housing crisis, a fact stands out for every homeowner who worries about foreclosure:

Banks don’t want to own your home. They lose money when they do. Managing property and selling real estate are not the businesses they want to be in.

Yet all one sees in the news is how millions of people are in danger of foreclosure. What is not being reported is that an intermediary, legally and financially trained professionals, can help you recast your mortgage through loan modifications. Federal loan modifications are being undertaken by thousands of people who have undergone one or several of the following hardships:

• Adjustable ARM loans that have risen beyond affordability.
• Job loss or work reduction, income interruption enough to make a mortgage refinance the only possibility.

Even if a homeowner’s credit rating has slipped and they are already behind in their mortgage payments, workout plans with the bank can be negotiated. The trained professionals can and should review your case before asking for fees, and those fees should be reasonable: about $300, enough to cover their costs, without add-ons or other surprises.

Just as important as being able to stop foreclosure, a loan modification consultant helps relieve the emotional stress that almost seems to be required for foreclosure prevention. (Note: It doesn’t. This is a business transaction, best managed with a calm approach.) They are professionals, working on your behalf with knowledge on what banks need too.

There is strength in numbers. If you are one of the millions of American homeowners with a crushing home mortgage that you may not be able to handle financially – with foreclosure a real possibility – there are numbers working in your favor. Consider these facts:

• Banks don’t want to foreclose. They would much rather have you as a long-term mortgage customer than take ownership of your house. They lose money when that happens.
• With so many houses in danger of foreclosure, the government and banks and housing advocates are searching for solutions.

Right now, the path that hundreds of thousands of people are following is loan modifications. What are they? You hire an advocate for you, at an affordable one time fee (around $300), who will be your intermediary with the bank. They develop workout plans that can enable you to stay in your home, to continue owning it, at reasonable mortgage terms.

Whether it was an adjustable ARM, loss of a job, a mortgage refinance under bad credit circumstances when you purchased, or other factors that created your current situation, a loan modification company will be able to identify your chances for refinancing BEFORE you spend one thin dime.

It’s really a no-lose proposition to investigate this option. A few minutes doing your research today might mean your home will be yours years from now, and that you will have money leftover to live a good life along the way.

Is an adjustable ARM your most regrettable decision in recent years? Do you wish you could workout plans that could give you foreclosure protection? If so, you need to find out about Federal Loan Modifications – the government sponsored program designed to help homeowners recast the terms of their mortgages and save them from foreclosure.

Most of us work on a simple, solid equation in life: Work hard, be responsible, pay your bills, don’t buy what you can’t afford. In there is the basic American belief that it’s best for you, and the world around you, when you own your home instead of renting.

In fact, it’s built into our tax code that the homeowner is given a break for having a mortgage, something a renter never sees. And we all know the stories of parents and grandparents whose homes are worth twice, five and even ten times what they paid for theirs. Your home was supposed to be a piggy bank.

So how did buying a home in the 21st Century turn into a mistake? It was the responsible thing to do. You were told you were a fool to pay your landlord money month after month, never to see that money again. So you saved a down payment, bought, and went to work fixing up that house into the home you would live in for years to come.

Then came the housing crash. And the high unemployment. And then maybe you lost your job, or found costs of ownership were higher than you expected. Foreclosure loomed, and it’s a thought so unpleasant it wakes you up in the middle of the night.

You didn’t act irresponsibly in any of this. You have technical glitch. You need a technical fix.

While not the magic wand that someone waves to take away all your problems, loan modifications are at least the beginning of finding answers. It might be just enough to enable you to save your home — to stay where you are at, give you time to weather the economic storm, to maintain stability in your life and that of your family.

No one benefits if you lose your home to foreclosure. It’s a problem for the banks. It’s a problem for your neighborhood. It’s bad for the economy overall, and certainly, it’s devastating to you and your family.

A new loan/refinance plan may be available to you. It costs nothing to find out – do it today, so maybe you can sleep better tonight.