A loan modification is an agreement with your current mortgage servicer (company who takes your mortgage payment and handles your account) when you are behind in payments to get you back on track. This is not a refinance – a refinance is when you are current on your payments and are seeking to reduce your interest rate or take out home equity for home improvements for example. A loan modification operates to get you back on track and in good standing with your mortgage. There are many criteria that determine your eligibility for a loan modification. There is no law, federal, state, or otherwise that says if you are behind in your home, that you are entitled to a loan modification. That’s why its critical to hire an experienced foreclosure defense firm like LaRese Law to ensure that you have the best possible chances to obtain a work out with your mortgage company. Relevant factors can include your income and expenses, whether you have had any type of assistance in the past, your home’s value and your particular loan Investor. This is a very complicated process that requires skill and experience. When the stakes are as high as potentially losing your home, its vital to have an experienced attorney on your side. Call the office today for a free consultation to evaluate your options!