Some may ask "what is a loan modification?" It is restructuring your current mortgage loan terms. This is not a refinancing and can be done even if you are behind on your current payments regardless of your credit situation. Simply put, it is the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to avoid foreclosure.

Here are some reasons you should consider a loan modification:

1. If you are behind on your mortgage because you are . More »