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A home loan re-modification is a method you may qualify for that allows you to get current again. If you are behind several payments, you may be in fear of foreclosure. Perhaps that process has already been started, and you are afraid you will lose your home. A loan re-modification can allow you to re-age your loan and get a payment you can afford with your current financial circumstances. Instead of trying to come up with a lump sum of money to save your home, you only have to focus on being able to meet that monthly mortgage payment.

The process to qualify for a home loan re-modification takes time, and you have to follow the steps, or you can be denied for failure to comply. Once your application is in motion, the foreclosure process will be put on hold. This gives you and the mortgage company time to go through all of the paperwork and see what can be done. Most lenders want to extend a re-modification loan to you rather than foreclose on the property. With that in mind, it is to your advantage to see if you qualify.

About the expert:

"I didn’t know about loan re-modification until my home was already in foreclosure. I was trying to explore my options and came across the details. I was frustrated that my mortgage company hadn’t taken the time to share that with me as a possibility. They had no trouble calling me at least twice per week to ask for the full amount I was due. They refused to take payments and didn’t seem to care about the reason why I was getting behind.

"Armed with information, I called them and asked for a loan re-modification application. I am glad I did, as it got me back on track with my home loan. I am hopeful this process can do the same for you. If you are facing foreclosure, you definitely want to look into home loan re-modification as an opportunity."