Most recently, former pro bowl quarterback of the Cleveland Browns Bernie Kosar declared bankruptcy. After donating millions to charity, lending tens of millions of dollars to friends and family and going through a messy divorce, Kosar finally had to succumb to the financial pressures. Kosar has been a successful businessman, a skilled athlete and more. Yet, in the midst of his success, financial troubles haunted him. Many people make a great deal of money over their lives, yet they still face difficult financial situations. Kosar still has to watch over his daughter, try to keep a roof over their heads and figure out the next steps in his life. Declaring bankruptcy can impact someone in ways they never though of, and Kosar is going through those challenges. Getting a loan is difficult, getting a reasonable interest rate is impossible, and it can even impact your career.

If you are facing foreclosure, you may think that a bankruptcy is the way you should go. Bankruptcy professionals tout the benefits of declaring bankruptcy; however, bankruptcy has various negative impacts on your credit history, your finances and your life. Declaring bankruptcy will stay on your credit report for years, up to a decade in fact. That means that every loan, credit card and line of credit you ever get will be impacted by your bankruptcy.

Bankruptcy is also sold as an option to avoid foreclosure. However, there are much better options to not only stave off foreclosure, but keep your credit in a much better place. A California loan modification could be an alternative to bankruptcy that keeps your credit rating from falling through the floor and your interest rates from going through the roof.

California loan modification attorneys work hard to discover what your options are. Rather than living in a home you think you can’t afford, a loan modification attorney can help you stay in that home for decades and give your family the future (and present) they deserve. Your hard work to buy the home should not have to be ruined by a bad economy or a subprime mortgage loan. With a skilled California home loan modification attorney working with you, the chance to stay in your home and build a better tomorrow is a reality.

Bankruptcy might seem like an option to avoid foreclosure, but all it does is further bury you in a financial hole. A loan modification could be the way you avoid foreclosure and get out of your financial nightmare once and for all.

The same information submitted to different lenders will often result in completely different outcomes. Amounts in disposable income, in terms of what is too much and what is too little, have different thresholds at different lenders. The same can be said for debt-to-income ratios, current income, expenses, and estimated payment capability. The tiniest of variations in set parameters between lenders can make a huge difference in the number and types of homeowners that qualify for home loan modifications.

The key for homeowners is to align themselves with firms that are familiar with what each lender considers as the key targets for financial information. To that, Mr. Feldman said, “Having executed over six hundred modifications, we feel like we have a pretty good handle on what each lender/servicer is looking for in terms of what financial information qualifies an applicant and what doesn’t.” He added, “Back in the day, mortgages were a pretty straightforward proposition. A fixed interest rate, 360 identical payment coupons, and payoff at maturity in thirty years were the standard. Now, with so many moving parts in a mortgage, you have to stay on top of all them because they all inter-relate and a couple of bucks here or there can make the difference between getting what you want and being turned down.”

The company line for lenders and servicers is that they follow parameters set within the Obama administration’s Home Affordable Modification Program, but attorneys with hundreds of executed modifications behind them tend to disagree. Mr. Feldman is one of them. He said, “We know of several instances where homeowners with almost identical incomes, ratios, etc. applied with different lenders. There were approvals by one lender while others were turned down. The key is knowing what the lenders want so the information can be presented in a manner that suits their protocol.”

Getting a guide for a trip in through a jungle is seen as plain common sense. Just like going on safari, the complexities of negotiating a successful home loan modification require guidance with expertise, knowledge, and experience. Get an attorney to guide your home loan modification. It may not save your life but it could save your home.