I don't think I've ever seen it this bad before. I mean it's not like I'm 80 years old and have experienced all of the ups and downs the American economy has faced over the last century, but I've been around long enough to experience booms and busts. And this seems like the biggest bust in my lifetime.

I'll admit that I'm frightened by all of the people out there who are facing foreclosure right now -- people I thought would've been immune from ever having money problems. But this economy seems to the affected everyone. No one's getting out of here unscathed... or are they?

The Interesting Irony of Loan Modification

Here's the thing that's really in thing about this crisis, at least to me. While things may be bad for us, the average homeowner, things might be even worse for the banks. Imagine that. The little guy actually faring better than the mega-corporation.

Here's the deal: the banks are basically willing to do anything at this point to keep their customers out of foreclosure. And that includes essentially rewriting loans to give homeowners a break -- to lower monthly payments to a range where people can actually afford them.

This is known as loan modification, and thanks to the fact that the economy is so awful right now it's becoming one of the most popular ways for homeowners to permanently reduce their interest rate, their principal, or both.

Now here's where it gets good. The new terms that you work out with your lender -- very good forever. So even if the economy completely turns around next month, and things start humming along again, you're still going to be paying the rate the bank gave you when times were tough.

It's honestly the best of both worlds. You get to benefit from a terrible economy, even when everyone is flush with cash again.

That's why I call this irony. We have the banks over a barrel, they don't want to foreclose, and we can use that to our advantage.

Now, the only issue with using loan modification, it least in my mind, is that you probably should not attempt it on your own. I've written about this subject on a number of different occasions and just about every time I have, someone has said -- hey, you need to point out that people looking into a loan modification need to hire an attorney.

Point taken. I'd agree with that. Hiring an attorney -- and one who is experienced in dealing loan modifications -- is the smart way to go. But even their fee is a drop in the bucket when you compare it to the benefits are going to get. Isn't saving your home worth it?

I mean we're not talking about 10s of thousands of dollars here. We're talking about are very reasonable fee, paid to a professional, who's going to negotiate with your bank on your behalf to get your payment lowered and to save your home.

I don't know about you but that's something I'd be willing to pay for.

Down below a list couple resources that I really recommend you should check out before you do this. I know they're going to help.