Who is eligible?

• The home should be owner occupied
• May be default or at risk of default
• Have the primary mortgage of less than $729,750

Who is NOT eligible?

• Speculators, who bought as investment
• Those who misrepresented their income in the loan application
• Should not be a jumbo mortgage

What you should do?

• If your total debt (like car loans etc) is more than 55% of your income, you are still eligible but should undergo debt counseling
• You should prove that you have income to make loan repayments.
• Use this Mortgage Modification Website to see if you qualify for Any Loan Modification
  

Benefits you will get

• Refinance mortgage loan to low interest rates, rates cannot be less than 2%
• Borrowers who are prompt in making loan repayments will get incentive bonus of $1000 per year for 5 years
• The lender will lower the monthly payment to 31% of the gross income.
• The refinance will last for 5 years

It is estimated that it could benefit 8 to 9 million homeowners from the new modification procedures. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.

Find if your loan qualify for any Mortgage Modification Program

If you have equity in your home, your credit rating is relatively intact and your lender hasn't yet filed a notice of default, you may be able to get another loan with more affordable payments. The experienced mortgage brokers, one affiliated with the National Association of Mortgage Brokers, can let you know your options. Be cautious about jumping into another risky loan, though: adjustable, interest-only or "option" mortgages might just put off the day of reckoning and you could find yourself facing even higher payments down the road.

Some 650,000 troubled borrowers have been put into trial loan modifications under the president's foreclosure rescue plan, the Treasury Department said Tuesday. That number represents only 20% of eligible homeowners. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.

Every day you put this off is probably costing you money. Homeowners whose loan have been scheduled for foreclosure or missed one or two payments should talk to their loan servicer immediately to postpone foreclosure. If you qualify for loan modification please reach out to your servicer or housing counselor. Please do not pay any upfront fees with out receiving any service.