Have you fallen behind on your mortgage payments? Is your lender calling you and threatening to foreclose? If you want to hold on to your home, the best way to stop home foreclosure is to negotiate a modification of loan, also known as a loan modification agreement, with your lender.

There are now several programs available that will do a modification of loan. Did you ever wonder if you might be able to get a mortgage rate modification? Thousands of homeowners have learned that a modification of their home loan is the most feasible remedy for a mortgage that is in default. So, let's take a look at some possible scenarios whereby you could qualify for a modification of loan.

You were laid off from your job or suffered some other monetary emergency.

As much as we try, we simply cannot control all the things that happen in our lives. Perhaps you got laid off from your job. Maybe there was an illness or death in your family. It cost money to deal with it, but it also caused you to lose time from your job. Car accidents. Injuries. Unplanned events. The depressed economy reduced your income. These are all legitimate reasons for getting behind on a mortgage that you were otherwise able to afford. Setbacks similar to these are usually accepted by lenders as justification for agreeing to a loan modification agreement.

The market value of your home has dropped precipitously.

The real estate market has been in sharp decline and home values are falling just about everywhere you look. It is an unfortunate fact that in many cases, a modification of loan may not be an option once you get upside down on your home loan (you owe more than the home is worth). People in this situation are typically better off doing a short sale. Whichever applies to you, it would be a wise investment of your time to discuss your situation with a loan modification specialist. Even if you're not in a position to qualify for a modification of loan, they can help you to persuade your lender to approve of a short sale.

You have applied for a refinance but couldn't qualify.

So many homeowners with an adjustable rate mortgage have attempted to refinance. Unfortunately, most of these folks are getting turned down. With so many bank failures, funds for home loans have dried up to a large extent, making it extra tough to get new financing. Fortunately, many homeowners who were turned down for new loans have been able to work out a modification of loan agreement with their old lenders, and get their existing loans modified in a way that they can now afford the payments.

Those high mortgage payments are simply too much for you.

In this tough market, many homeowners, through no fault of their own, have watched as their income drop substantially and can no longer afford the home they once easily made payments on. You may be able to get a loan modification that makes your home more affordable. The alternatives could be either a short sale or a short refinance.

Are you facing a possible foreclosure and don't know where to turn for help? If you want to hold on to your home, the loan modification programs now available offer a good way to stop home foreclosure. Call a loss mitigation specialist to negotiate with the lender and protect your interests. Explore your options, then don't waste any time getting help. A modification of loan can really help to put your life back on track. You CAN stop home foreclosure if you take appropriate action, quickly.