Getting Started: Determining Eligibility | Loan Modification Part 1

Find out if you qualify

Loan Modification could help you avoid seeing this in your yard.

You might have recently read the news about the White House administration’s new Foreclosure Prevention Plan. The government has written new policies that make getting the terms of your mortgage changed easier than ever.

First, however, you must make sure you are eligible to take part in the program.

Loan Modification program

The federal Foreclosure Prevention Plan has two parts: Loan Modification and Refinancing. For this article, we will address only the Loan Modification part.

If you are struggling to make payments on your mortgage but haven’t actually missed any payments, check out Part 2 of this series, which will address the government’s Refinancing program.

Foreclosure danger

The Loan Modification portion of the program is geared specifically toward people who are facing danger of losing their homes. If you took out personal loans to pay for your home and you have missed three payments or more, you could be eligible.

Keep your house

If you have already been served a foreclosure notice, it might not be too late. You can still apply for the program. If you go through a qualified, legitimate loan modification company it will speed up the process. And if you pick the right company you won’t have to pay until your monthly mortgage payments have already been lowered.

Stay away from foreclosure

Don't get frustrated. Get help.

If you have missed three mortgage payments or more, I recommend taking advantage of this program immediately. Get professional help from a loan modification expert, and team up with that expert and your bank to get your payments lowered. Part 3 in this series explains how it works.

Visit this page and fill out the form to be put in touch with a loan modification expert.

Use government’s resources

If you are still questioning whether you are eligible for the federal Loan Modification program, you can go to the government web site makinghomeaffordable.gov. The site supplies questionnaires that will help you find out whether you are eligible.