New Mortgage Loan Modification

For homeowners who want to understand the Obama administration's new loan modification program, the program can be basically divided into two parts. One part is for homeowners facing foreclosure due to missed payments and are at risk of defaulting on their loans. For them, the government will give financial incentives to the lender to make a loan modification of the existing mortgage (known as the modification of mortgage loans), reducing monthly payments so that the buyer can rate on the loan and keep their homes.

The other part is for homeowners who are keeping up with their mortgage payments but can not refinance or get a loan modification with your lender, as the value of their home has fallen below the mortgage amount.

For these "underwater" homeowners, the rescue plan will help refinance mortgages to lower monthly payments. There are some restrictions, so relatively few homeowners in this category will actually deserve. That is a simple explanation. But both plans have a lot of moving parts, so here's what you need to know if you want to use them.


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