Let's face it, the United States mortgage market and housing market has had some steep declines over the past year and a half to two years. Along with several changes to lending guidelines, it has become almost impossible for most struggling homeowners to refinance out of their toxic mortgages. Fortunately, struggling homeowners have a chance at getting their mortgage modified by their current lender.

A Mortgage modification is simply a modification to an existing loan made by the current lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term on the loan, a different type of loan or any combination of the three.

Some consumers confuse a loan modification with a forbearance agreement. These are two separate types of agreements. A loan modification is a long term permanent solution for borrowers that show an inability to repay the existing loan where as, a forbearance agreement is short term relief for those suffering a temporary financial problem.

There are seven top reasons that a loan modification will work for you. If any of these apply to your current situation than you are a definite candidate for a mortgage modification. The seven top reasons are as follows;

1. Inability to refinance due to loss of equity, owing more than your home is worth
2. Inability to refinance due to lack of positive credit or late mortgage payments
3. Rate currently adjusting or going to adjust
4. Do you have a "Pick-A-Pay" or Minimum Payment interest only Loan
5. Suffered a Financial hardship (job loss, pay reduction, medical bills, divorce, etc)
6. Currently facing foreclosure
7. Inability to be able to afford your current financial situation

If any of the above reasons apply to your current situation than you need to attempt a loan modification. You can try it on your own but I must caution you; only 10% of homeowner submitted loan modifications are successful. This is mostly due to homeowners submitting incomplete loan modification packages.

Another reason for this lack of success is that the homeowner must spend several hours navigating through the phone tree, re-telling their story over and over again. This can be very discouraging on top of the fact that the homeowner must call during normal business hours, which is usually 9am-6pm. Plus, it doesn't get accomplished with one phone call. There is constant follow up involved and more than likely you will have to send in information that you have already sent over and over again.

Companies like New Hope Mortgage Solutions, LLC are able to navigate through this intricate system of phone trees and incompetent phone jockeys without emotion and get right to the decision maker with speed and efficiency. And when the clock is ticking, that is exactly what is needed.

They realize that when dealing with these complicated and frustrating financial matters, some homeowners may be looking for a more economical solution towards solving this problem.

Let's face it, the mortgage market and Housing market has had some steep declines over the past year and a half to two years. Along with several changes to lending guidelines, it has become almost impossible for most struggling homeowners to refinance out of their toxic mortgages. Fortunately, struggling homeowners have a chance at getting their mortgage modified by their current lender.