If you are struggling with debt or having a hard time paying off your monthly loan payments, the world isn’t over! There are ways to manage your monthly loans, primarily through a loan modification.

Loan modifications are changes made to a loan after a lender and a borrower discuss ways to readjust the conditions of a mortgage agreement. Normally this happens when the borrower is having financial difficulties and cannot pay their monthly mortgage every month. This is helpful for the borrower since they don’t have to default on their loan and can have manageable monthly payments applied to their loan agreement. There are different ways the bank or lender can do this: by reducing your monthly interest or the total amount of your loan, extending your loan period, or by letting you miss payments (and pay for them later at the end of your loan).

In order to go about getting a loan modification, you need to start off by being clear with your bank about your circumstances and asking if your situation will qualify you for one. Homeowners can try to reason with their lender on their own by filling out the applications lenders will supply, but a quicker and more efficient method may be to hire a lawyer or a modification agent to help guide you through the process. Be wary though, these agents can be expensive, and you may end up paying thousands of dollars to hire one!

Make sure that any loan mod company that you are interested in has accredited attorneys and a refund policy in case you aren’t satisfied with the modification. You should expect to pay the attorney half of the overall cost up front, but each agency will work differently. Some will ask for the entire payment as soon as they take your case, whereas others may stagger the payments to match targets they hit within the mod process.

Although a loan modification may help decrease your monthly payments, the interest you pay overall on your loan may increase. Make sure you completely understand your new loan agreement and know how much you will pay in the long run. Do your math!