Mortgage Reps Helping home owners who are facing foreclosure can be very rewarding and profitable. Many people facing foreclosure don't know their options and are very eager to talk with someone who can help them. As a mortgage professional, you'll be able to present the option of Refinancing. You may be able to refinance the existing mortgage to a lower monthly payment by extending it over a longer period of time. For example, perhaps the home owner has been paying a 30 year loan of $170,000 for the last 14 years with a monthly payment of $1,800. Let's say, for example, that there is a balance of $80,000. If you can take the remaining balance and refinance it over 30 years again , you will lower their payment to approximately $1,000 per month. This way, the home owner can get back on track and stay in the home. We like to call this a win-win-win situation. The owner wins by keeping the home with a lower monthly payment he can now afford. The bank wins by getting their money without having to take the home back. The mortgage rep wins by closing a new first mortgage loan and the satisfaction of knowing that you saved a family from losing their home.