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When the foreclosure notification arrives in the mail, it becomes more important than ever to review all of your mortgage relief options. With the pressure for finding an alternative mounting, the many options can often seem overwhelming. Loan modifications, short sales and deed in lieu transactions may pass by on your list of options, but is important to note that they are not for everyone. Before deciding on a foreclosure alternative option you must review the benefits and risks associated with each option.

Loan Modifications

One of the most highly sought after options is a mortgage loan modification. This option is popular for those who desire to keep their home while reducing their mortgage debts. In general, a loan modification can lower monthly payments by reducing the interest on the loan for a short period of time, reduce the monthly payment requirement, extend the life of the loan or temporarily suspend payments. Loan modifications are a great option for many people, especially those who have not yet missed a payment or hold a delinquent account status.

The problem with loan modifications is simple; many people will not qualify or obtain approval from their lender. Lenders are particularly picky about credit scores and the financial standing of borrowers when it comes to approving loan modifications. It isn’t uncommon for a lender to play hard ball and flat out refuse to approve a loan modification, making it more difficult for borrowers to find relief from their mortgage troubles.

Short Sales

Most people are aware of the short sale process and typically only pursue this option after a loan modification attempt has failed. Short sales are a far better option than foreclosure, which can significantly damage the credit standing of the borrower. When the borrower sells the home in a short sale, they are alleviated from their liability over the mortgage debt. For those who cannot afford to get caught up on their mortgage debts or were unable to secure a mortgage modification, a short sale can be a great way to find mortgage relief.

Although short sales allow the borrower out from under their mortgage debt obligation, it does require them to give up and leave the home after the sale. Further, a short sale doesn’t come easily. In fact, the short sale process can be quite difficult to navigate and takes a lot of patience. Since the lender holds all of the power of approval over the sale of the home, borrower are at the mercy of the bank to accept an offer on the home.

If you are facing mortgage debts or the threat of foreclosure you may have begun looking into your options. While short sales and refinancing offers may be on the table, consider all of your options. In many cases, lenders will downplay the likelihood of a loan modification or may hold strict qualification standards that deter you from pursuing this option. However, if you can afford to stay in your home with a reduced monthly payment you should always try to pursue a loan modification first.

Maximizing Success

While many people have been denied home loan modifications in the past, this doesn’t mean that successfully securing one is impossible for you. Every person’s financial situation is different and 100 percent unique to them, which means that there is no one-size-all option available. However, there are a few ways to improve your chances of successfully negotiating a mortgage modification with your lender.

First, it is very important that you contact your lender as early as possible when your finances become tight. Many times, lenders are more willing to negotiate with those who contact them before they miss a payment or become delinquent on their account. The reason is that lenders view missed payments as either irresponsible on your part or highlights your inability to financially maintain a payment plan. They tend to view those with missed payments as a risk when negotiating lower monthly payments.

Next, get educated by doing your research. Studies have shown that people who attend foreclosure counseling or mortgage debt relief seminars are more likely to successfully negotiate a loan modification with their lender. Why? Lenders view these actions as responsible and hold the impression that you are serious about resolving your debts. There are many third party companies, credit counseling agencies and even lender provided resources available for those looking to learn more about their foreclosure alternative options.

Last, be sure to know what you can afford. Many people enter modification negotiations with no idea about what they can realistically afford to pay each month. Your lender doesn’t want to have to do any additional work, so having an outlined plan of what you can afford to pay and how you can go about lowering your payment greatly improves your chances of securing a modification. Further, know the facts about successful modifications. A recent report from the Office of the Comptroller of the Currency shows that homeowners that obtained loan modifications through government programs, like the Home Affordable Modification Program (HAMP,) have more success than non-government sponsored modifications.