Loan modifications have become a very common topic these days. With the turmoil in the real estate markets, many homeowners are looking to their existing lenders for a loan modification. With many properties underwater (you owe more than the home is worth), refinancing is often not an option (although there are various programs like HARP out there that you can look into).
With the surge in the need for loan modifications, there has also been a surge in loan modification companies. These companies will work on your behalf to modify your loan.
While some situations do dictate the need for a loan modification company, usually an attorney based loan modification company, many times homeowners can work with their lender directly to obtain a loan modification. With proper information and diligence, along with not being afraid to make phone calls to your lender on a regular basis, it can make sense to look into trying to modify your loan yourself.
You can learn more by viewing this post on loan modification http://www.aboutcaliforniahomeloans.com/blog/2008/11/30/loan-modification-do-it-yourself/ If you are behind on payments or in foreclosure it is important to take action as soon as possible and potentially find professional help!