Zero-down financing, adjustable-rate mortgages and no-interest loans can spell trouble for homeowners in financial upheaval from a job loss or hardship. If you’re unable to make your mortgage payment each month, however, there’s good news — in many circumstances, you can save your home from foreclosure by working with your lender on a loan modification.

It’s important to act early before you miss a mortgage payment to preserve your credit rating. The U.S. Office of the Comptroller of Currency reports that loan modification success rates are linked to how soon homeowners contact their lender after getting into financial trouble. Homeowners who call their lender early and obtain a loan modification before missing their mortgage payments are 12 percent less likely to default on the loan than those who obtain loan modifications after missing two mortgage payments.

A loan modification is an agreement between you and the lender to change the terms of your loan, usually resulting in a lower payment you can afford. Help might come in the way of an interest-rate reduction, a loan extension or a rollover of unpaid payments into the loan. It’s typically not a temporary fix, but a permanent solution that works for both the lender and the homeowner.

Loan modifications may be frustrating and time consuming, but when successful, they’re beneficial for all involved. The bank avoids the cost of foreclosure, and the homeowner works out a loan agreement that allows the owner to keep the home.

“The first step struggling homeowners should take is to contact their lender or servicer,” says Rick Simon of Bank of America Home Loans. “Servicers will ask specific financial questions to help better understand the homeowners’ situations and determine the best options available.” And, those who are familiar with the qualifications and requirements are more likely to move through the process quicker.

Here are some tips for expediting your loan modification proposal with your bank or loan servicer:

1. Be prepared. According to a video produced by Freddie Mac, you can expedite your loan modification by having the following documents and information available when you call your servicer.

• Your monthly mortgage statement (which should include your loan number and property address)

• Your homeowners/condominium fees statement

• Recent pay stubs, W2s and tax returns to document monthly pretax income

• Your Profit and Loss statement (if you’re self-employed), which helps a lender determine your ability to repay your loan.

• A list of your typical monthly expenses (Bank of America offers a checklist)

• Documentation from other debts, such as home-equity loans

• The balance and minimum monthly payment on credit cards, car loans and student loans

• Anything that can document why you fell behind on your loan, such as a letter from your employer about a recent layoff, a utility cancellation notice or invoices for large purchases such as a new air-conditioning unit or other item that helped cause the financial hardship.

2. Make your case.  Write a solid statement about your need for a loan modification to give to your lender or loan servicer. The hardest part of the process is writing a letter about what caused you to be in financial trouble, according to Freddie Mac. But, it’s an important step. “Write out a short statement about your financial problems,” says Simon. “Be as specific as possible. It doesn’t have to be long. This helps the servicer process your application more quickly.”

3. Phone off-peak.  It can be hard to get through to your loan servicer. “Representatives are seeing an increase in call volumes,” says Bank of America’s Simon. Calling your loan servicer at off-peak times will decrease on-hold times and increase the likelihood of speaking with a professional in a timely manner. According to Simon, off-peak times are generally in the evening in the Eastern Time Zone or late afternoon in the Pacific Time Zone.

4. Don’t be sloppy. Complete paperwork accurately. After the initial call, if the homeowner qualifies for a loan modification or other workout, an application packet will be sent. According to Bank of America, about 80 percent of submitted applications have omissions or mistakes. Review everything carefully and make sure all supporting documents are signed. “Incomplete paperwork takes additional time to correct and creates more delays in the process,” says Simon.

If you can’t afford your current mortgage payment, but can pay a lower one, a loan modification can help you keep your home. And, according to Bank of America, it’s a cost-effective way for lenders to avoid dealing with trying to unload another distressed property — a true win-win.