I have a reputation -- perhaps well deserved -- among my friends and colleagues as being someone who knows a little bit about everything. I wouldn't exactly say that I'm Cliff from cheers, but it's safe to say that if someone is looking for an opinion about a subject that they don't know much about they feel comfortable asking me.

Recently a new subject has come up, and so of course as I usually do I've done some research into it and found out what I could in order to help people who ask me.

What we're talking about here are mortgage loan modification programs. There's never been a greater need for this kind of thing than now. With the financial mess that we're in, it's no wonder that so many people are finding it harder and harder to make that monthly mortgage payment.

But are loan modifications for real? And what's more, do they really help?

First, let's adjust some of the reasons why people think they don't work. Most of the negativity surrounding loan modifications stems from some early media reports that seemed to suggest that a lot of people who had successfully gone through them actually wound up back in financial difficulty just a few months later.

So let's address that right up front. The problem with these reports, as I found out, is that they're based on people who got loan modifications back before the economy totally tanked. Why does that matter? Because during that time, banks were not as willing as they are now to actually gave real relief.

So the people that they're using for case studies in those reports, are not at all representative of the kinds of cases that you're getting now, with the banks desperate to work with homeowners.

What you're finding now are that loan modifications are making a much bigger difference in people's lives than they were even six months ago. Banks are actually now willing to step up to the plate and offer real, and substantial, reductions in payment. Sometimes they even cut some of the principal off of your big picture loans no telecheck installment loans.

It's not uncommon, with the right help behind you, to cut your payments by between 30% and 50%. Compare that to the token reductions people were getting just a few months ago, and you can see why loan modifications that are being done today are totally different than the loan modifications that were being done just a few months ago.

About 30 million homeowners qualify for a loan modification. Of course that doesn't mean it's necessarily right for you, but chances are if you've been affected by this economy at all, you probably have a good chance and should at least look into it.

Now, the issue is who do you turn to help? No, I don't recommend that you try and do this on your own. This can be a tricky business, and having someone in your corner who knows the ropes is your best play here.

Below I have links to two resources that I think will be invaluable to you as you navigate the one modification maze. Please check them out right away. They'll be a big help.

Finally, I do want to point out the loan modification can be used even if you're worried that you might face foreclosure. This is not refinancing. You don't need good credit to get along modification. You're not applying for a new big picture loans best online installment loans no credit check at all. You're getting your lender to change the terms of your current one.

In fact, it may actually be easier to get a loan modification than to refinance, depending on what your credit looks like. But that's why you need the help of someone whose experience and all of us to help you work through it.

I know this is been useful to you, and please don't forget to check out the resources below. Thanks for reading and, as always, good luck!

Please check it out now before you do anything else.

I also recommend this this mortgage big picture loans best bad credit installment loans modification resource guide that many people have found really useful.

Thanks again for reading and good luck!