makinghomeaffordable.gov



There may be good news for homeowners who are struggling to pay their monthly mortgage or who are already behind on their payments.

Many struggling borrowers may be eligible for a modification under the Obama administration's Making Home Affordable program. Although several conditions must be met, the program presents the most aggressive loan restructuring options to date.

Here are some answers to frequently asked questions about the Home Affordable Modification program courtesy of mortgage investor Freddie Mac:

Are all mortgage loans eligible for modification?

While millions of troubled borrowers are expected to qualify for Home Affordable Modifications, there are some restrictions. You must own and currently occupy the property, so real estate investors and some owners of vacation properties will not be eligible. Your mortgage must also have been originated on or before January 1, 2009.