Loan Modification Help At the heart of the President Barack Obama's ambitious plan to rescue the housing market is the conviction that restructuring distressed mortgages will keep struggling borrowers in their homes and help insert a floor beneath plummeting property values. With $75 billion dedicated to reworking troubled loans, that's a big bet—especially considering that a top banking regulator said last December that almost 53 percent of loans modified in the first quarter of 2008 went bad again within six months. But supporters argue that mortgage modifications need to be properly engineered to work—and many early ones weren't.

The confusion and inaccurate data that is propagating the internet and the news is based on ill-informed bloggers or journalists who really have no idea what is going on in the loss mitigation arena. This to me is akin to someone who studies baseball and claims to be an expert, but has never caught a ball or swung a bat in their lives. How can anyone take them seriously? How can these same people be relied on by the media as “experts” when they have never even played the game?

If your lender or servicer is facing a lawsuit based on legal violations on your mortgage, or they can simply avoid litigation by modifying your loan, guess what they will do? 99% of the time they will cave to your demands and give you a sweet and affordable loan modification (one much better than you could have ever imagined or obtained on your own).

A Loan Modification, otherwise known as mortgage modification, mortgage loan modification, or home loan modification is the process of modifying your existing loan to make your payments more affordable. The purpose of a loan modification is to provide you with a mortgage payment you can afford. It's actually very similar to a mortgage refinance but instead of finding a new mortgage that you can afford, this just modifies your current mortgage into something you can fit into your budget.

Loan Help It depends on what your current situation is and who your lender is. While most lenders follow the same standards and have the same rules when it comes to loan modification, some do vary. They can easily let you know if you qualify for loan modification. Typically, however, the most common standards include having missed a payment, having experienced a recent financial hardship or change, owning a property and not having filed for bankruptcy. Other factors may come into play, but these are the basic rules you'll need to follow. See Our Beginners Guide to Mortgage Modification