Loan Modification Help For Struggling Homeowners

Millions of homeowners are struggling to meet their monthly mortgage payments each month. As the economy has deteriorated and job layoffs have increased, the situation has gotten even worse. These struggling homeowners face the prospect of losing their homes to foreclosure and lenders lose out as well. A loan modification is often a viable alternative to foreclosure. Under a loan modification agreement, the terms of a loan are changed to make the monthly payments more affordable. This can be accomplished through lowering the interest rate charged on the loan, extending the payment term, or forgiving part of the principle on the loan. Loan modification help is desperately needed by millions of homeowners.

There are various loan modification programs available to the homeowner depending on who the lender is and what type of loan it is. There are government sponsored loan modification programs such as the Fannie Mae Streamlined Modification Program for loans serviced by Fannie Mae and there is the FHA Partial Claim for loans that are insured by the FHA. Various private lenders also offer loan modification programs. If you are considering a loan modification you need to check with your lender to see what type of loan modifications they have available and also find out what the eligibility requirements are.

Loan modification help can also come in the form of the various loan modification services that are available to help you with your loan modification process. There are loan modification companies and also loan modification attorneys who can work with your lender on your behalf to attempt to get your loan modification approved. However, these services can be expensive so you may want to consider contacting your lender directly and doing your own loan modification.

Loan modification help is desperately needed by millions of homeowners and also lenders and government entities. The federal government is strongly encouraging lenders to offer loan modification assistance in this troubled economy. Before signing up with any loan modification service or attorney, be sure to do upfront research to make sure the company is legitimate and experienced with loan modifications and loss mitigation services. If you decide to request a loan modification on your own, learn everything you can about the loan modification process before submitting your loan modification application. If you are struggling to meet your mortgage payment each month know that you are not alone and that there is help available.