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Here are more information on loan modification that might be helpful to you before you speak with a loan modification specialist. We are sharing recent examples of the loan modification that were successfully submitted and/or settled from time to time. Do visit us often or suggest this site to friends and families.

What is a Loan Modification?

A loan modification is a special process where a bank will change the terms of your loan, to help you achieve affordable payments. It's important to note that a loan modification is not a refinance. In a refinance, a new loan is issued. Your monthly mortgage payment could be reduced as a result due to the new lower interest rate. In a mortgage loan modification, a bank simply changes the terms of the loan or lower your monthly payment to an affordable level. A loan modification, may help you:

• Lower Interest Rates
• Lower Monthly Payment
• Modify Mortgage Term
• Principal Reduction
• Avoid Foreclosure
• Save Your Home

Recent Examples of Equity Line Modification Settled

These are real examples of recent equity line modification settlement. This is not to be taken as a guarantee. Please note that the outcome for each scenario do vary. There are a lot of factors that affect the outcome for a given situation. Nonetheless, we are able to share some positive news. In some cases, the homeowners are able to reduce between 85-95% off their balances. Equity line of less than $100,000 is more difficult to find modification specialists who would be inclined to get involved.

• $165,000 equity line settled for $16,000
• $298,000 equity line settled for $53,000
• $133,000 equity line settled for $8,000
• $220,000 equity line settled for $15,000

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Home Affordable Modification Program (HAMP)

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

Eligibility

You may be eligible to apply if you meet all of the following:

• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.

What is H.O.P.E?

Yes, it is HOPE for homeowners. The actual name is Home Owners Preserving Equity. What can this program do for you, home-owners?

The original intend was to help defaulting homeowners by having banks voluntarily reduce mortgage balances to 90% of a home's current market value. The loan would then be refinanced into a mortgage insured by the Federal Housing Administration (FHA). The lenders would take "haircuts" and the government would bail them out of future losses by insuring the new loan. The lenders were pretty much short sell into this idea by the Obama and Bush administration. As a result, not too many lenders were offering this.

However, the new version of HOPE sweetens the FHA-refinance option for lenders. It only requires servicers to reduce balances to 93% of market values instead of 90%. Additionally it pays servicers $1,000 for every Hope-refinanced loan.

Here's a scenario on how H.O.P.E works for homeowners:

A borrower who owed $220,000 on a house valued at $200,000 would need their mortgage balance reduced to $180,000 to qualify for an original HOPE for Homeowners refinance. That's a $40,000 write-off. Under the new plan, lenders would have to forgive only $34,000.

For detail on the story for HOPE for homeowner's article, please visit http://money.cnn.com/2009/05/20/real_estate/new_hope_for_homeowners/index.htm.

There is HOPE for homeowners. Submit your information on this site to connect with one of the loan modification specialists to discuss your scenario. Let the loan modification specialists help you to find a suitable solution to Save Your Home for you TODAY.

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Obama Stimulus Package to Help Modify Mortgage

March, 2009, President Obama announced that as part of the Mortgage Stimulus Package, an allocation of $75 billion is set-up to help homeowners to make mortgage payments affordable. Making Home Affordable Program is a plan created to help stabilize the housing market (H.A.S.P. - Home Affordable Stability Program). The Government Mortgage Relief Plan intends to Lower Mortgage Payments to help homeowners who are Behind On Mortgage to get current in order to save their homes from foreclosure. The changing of mortgage payments, interest rate or mortgage term are all part of a Loan Modification process.

Approximately 7 to 9 million American Homeowners who are in Default Mortgage status and have problem mortgage will be Eligible to reduce their monthly mortgage payments to more affordable levels. Recent report shows that approximately 7% of the estimated 7 million homeowners signed up for a Mortgage Modification Service to take advantage of this Stimulus Package for Mortgage. All single parents who are interested in saving their homes and FHA loan homeowners are also eligible as long as you are the primary residence homeowners. To find details on the Making Home Affordable Program and Eligibility, please visit http://www.makinghomeaffordable.gov or http://www.makinghomeaffordable.com.