Sally Herigstad, a contributor for Interest.com posted an article on “How to Fight Foreclosure.”  She reports that only about 15% of homeowners that try to do it on their own succeed.  Borrowers can spend months negotiating with customer service reps and documenting every aspect of their financial lives, only to have their requests abruptly denied.  Or to discover that their file has been lost. Or to never get an answer at all.

Some people get a trial mortgage modification, but 90 days later they’re told they don’t qualify for a permanent one. If they can’t come up with all back payments within 21 days, they’re foreclosed on. Then they lose their home anyway.

Its also reported that “One way to find out if you should try to get a mortgage modification is to get a REST report online.”  REST is a new software system that shows your lender what the best financial outcome is for the investor: a modification under the government Home Affordable Modification Program (HAMP), an in-house modification program or no modification at all.  If REST shows a modification is the best outcome, you or your lawyer can present the report to the bank.

It’s concluded that, ”People wait too long,” says Lee Jones, a spokesman for the U.S. Department of Housing and Urban Development. “They say, ‘The sheriff is coming in four days, what should I do?’ ”

The earlier you seek help when you know you’re having trouble paying your mortgage, the more options you have and the better your chances of working something out in your favor.

Read the complete article on Interest.com and learn more about the REST Report.