Mortgage Loan Modification Programs - Which Program Do You Qualify For?

Struggling borrowers looking for help with a mortgage loan modification program may be confused about what type of program they may qualify for. No wonder, with so many new announcements from lenders and the Feds about various government sponsored and independent loan modification programs, borrowers may find themselves scratching their heads and wondering where to start. Here is some helpful information on the basic programs available to homeowners:

1. The Home Affordable Modification Plan is funded by $75 billion and offer standard loan workout terms to qualified homeowners. Participating lenders are eligible for incentive payments from the Treasury Department for each loan workout completed using the government guidelines. Targeted to help 5 million borrowers keep their home, this program expires in 2012. The goal is to offer new loan terms that result in a mortgage payment that equals just 31% of the borrowers gross monthly income.

2. FHA Partial Claim mortgage loan modification is available for homeowners whose loan is insured by the FHA. Under this program, a deferred "silent" loan is used to cover the arrears and bring the loan current. No payment or interest is due on this loan until the home is sold or the loan refinanced.

3. Individual lender mortgage loan modification programs offer various options for qualified borrowers to lower their monthly payment to an affordable amount. This may be accomplished by a reduction in the interest rate, an longer loan term, principal forbearance or a combination of all of these options. Each lender has their criteria that must be met for a loan modification to be approved. You can learn about lender guidelines and how to increase your chance of success.

Qualify for mortgage loan modification and prevent foreclosure now!

Find out Here If You Qualify for Obama’s Loan Modification Plan >>

Millions of homeowners are facing foreclosure-but help is available for borrowers who know how to get it. Why are some homeowners denied a mortgage loan modification while others are approved? If you are interested in contacting your lender to see if you qualify, make sure you have a good general understanding of the qualifications and guidelines for approval before you submit your application. Billions of dollars have been allocated to help homeowners just like you-don't wait-get started today so you can get back on track.

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