If you cannot make your mortgage payments any longer and you want to stay in your home, you may be eligible for a loan modification. New laws have passed that encourage lenders to work with homeowners who are having difficulty with their mortgage payments, but want to stay in their homes. In some cases, the lender will reduce the interest rate or change the repayment term in an effort to make your payments more affordable. In other cases, the lender may actually reduce the amount of money that you owe and give you a new loan. If you're interest in a possible loan modification, contact an attorney as soon as possible in the process. An attorney can help you figure out which modification programs you may be eligible for and can negotiate with your lender on your behalf.