The housing market has suffered a serious blow in the last few years. It is pretty safe to assume that either you or someone you know has struggled or is struggling with their mortgage payments. Interest Rates sky rocketed and the value of homes aren’t what they were for home owners who purchased homes 4 or 5 years ago.Many people are finding themselves in tremendous debt and with other bill collectors harassing and trying to collect payment the pressure of trying to keep up or catch up with the mortgage can be overwhelming. Foreclosure may seem like the only way to go. You may be like many others who weren’t aware of the type of loan they were signing.But there is a way to get from under the pressure. It’s called loan modification. Most struggling home owners have never heard of this option but it’s extremely helpful if you are nearing foreclosure.Like you, banks are losing money – fast. They too have taken a serious hit by the economy and they can’t continue to let people lose their homes because they end up losing money. With the status of today’s economy being what it is, it’s far better for them to work with home owners or they’ll end up taking a bigger hit.This is the right route to go if you’re in an unfavorable situation regarding your home. The bank will work to reduce your payment to an amount you can afford and may even change your loan to a fixed one, relieving more stress and allowing you to keep more money in your pocket to care for your family.Now is the time to take advantage of the banks willingness to refinance! It has never been easier to get the banks to work with you than right now.