As adjustable-rate loans shift back to higher rates, many homeowners are finding themselves in financial trouble and facing foreclosure. Fortunately, there's a new solution on the market: Loan Modification Also called a Mortgage Modification, it lets you work out more comfortable terms with your lender so that you can get current. A Loan Modification also stops the foreclosure, buying you more time to get back on track.

One of the main requirements for a loan modification is a hardship letter explaining the nature of your financial hardship. Your reasons have to be valid, such as a medical emergency, job loss or a death in the family. You can also have to present documents to prove your financial capacity, such as pay stubs, bank statements and tax forms.

It's also highly recommended to work with a loan modification attorney. Although you can technically work on your own, it can be hard to negotiate without legal representation. A Loan Modification attorney can help get your file to the top and ensure faster response from your lender. And because they can use lending laws to strengthen your case, you can get better loan modification deals.