Features

• The "Home Affordable Modification Program" is the government loan-modification plan. It is in place to modify the terms of a mortgage so borrowers can afford their payments.
  
  

Eligibility

• To be eligible for the program, your home must be owner occupied. The first mortgage must have originated prior to Jan. 1, 2009, and the monthly mortgage payments must be greater than 31 percent your gross income.
  
  

Counselors

• Federally-approved housing counselors offer free services to help borrowers understand their options. Counselors assess a homeowner's financial situation and review debts and monthly expenses.
  
  

Costs

• Borrowers who qualify for the modification program are not charged a fee for the services. Sometimes there are costs associated with a modification, in which case borrowers will be given an option to add the fees into the newly modified loan.
  
  

Application

• Contact your mortgage company to determine what financial documents are needed and inform its representatives that you would like to be considered for a loan modification.