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Previous Story: Be cautious before refinancing your mortgage even though interest rates are low

(WHAS11) - If you’re out of a job and struggling to keep up with your mortgage payments, there is help out there.

Lenders are willing to work with homeowners in a process called mortgage modification.

So far it’s saved thousands of people from going into foreclosure. Last year, Fifth Third Bank was able to save 11,000 people from losing their home.

They helped people modify their mortgage.

It’s different from refinancing and sometimes it doesn’t cost you a thing.

Sharon Decker from Fifth Third Bank says if you lost your job and got in trouble with cash flow, you probably wouldn’t qualify for a refinance.

That’s where a modification comes in.

Decker says sometimes lenders will modify your current loan.

With a modification, in some cases customers will pay what they can, maybe their interest rate is reduced for a while or maybe payments are tacked onto the end of the loan and forgiven for a few months.

Each lender is different.

Many of the bigger banks in town will offer a modification to distressed customers.

And sometimes banks will even waive the modification fees.