 TITLE: Should I Hire a Foreclosure Attorney? CONTENT: Can I Modify My Mortgage Loan?\n------------------------------\nInstead of taking the immediate and long-term hits to your creditworthiness, convey your finance concerns to your lender and try to negotiate a foreclosure alternative. You may be able to get a mortgage modification to make your payments manageable enough to keep your home if your lender agrees to change the terms of your loan.\nYou don't usually need an attorney to apply for a mortgage modification, so communicate directly with your loan company or ask an HUD counselor to help you submit the proper forms. Since some foreclosures move quickly, try to discuss modifying your loan as soon as you anticipate difficulty making a payment, even if you haven't missed it yet. Once the foreclosure process gets going, you're much more likely to need an attorney to succeed with any renegotiations.\nYour lender might not be willing or able to modify your loan, but you can still consider other options. Even though they show up as adverse events in your financial history, they are generally considered less severe than foreclosure:\n*   **Repayment plans** are usually short-term agreements to pay back missed payments in the near future, rather than permanently restructuring your terms with a mortgage modification.\n*   **Filing for Chapter 13 bankruptcy** can grant you a few years to pay back your loan if you qualify. You may need a bankruptcy attorney rather than a foreclosure attorney for this route, depending on whether your lawyer covers the option.\n*   **Use a \"deed in-lieu-of foreclosure\"** to sign your property over to the lender voluntarily. Try to get your mortgage provider to waive the deficiency balance so you don't still owe on your loan after surrendering the property.\n*   **Agree to a short sale** and sell the property for less than you owe. This can be a tough option, though, and there's no guarantee the lender will approve the sale or forgive the remainder of your debt. The tax implications can be heavy as well. END