Please use the self-assessment tools provided on this website to see if you are among the 7 to 9 million homeowners who may be able to benefit from Making Home Affordable.

If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Answer These Questions:

Jennifer, a single mother with two small children, has worked as a paralegal at the same law firm for the past 10 years.  Recently, the firm downsized. Jennifer's hours were cut and she has less money coming in each month. Jennifer is struggling to keep up with her bills and missed her last mortgage payment.

Does Jennifer qualify for a loan modification under the new plan? She may because she meets the following requirements:

• She is an owner of a one- to four-unit property

• She has an unpaid principal balance of $195,000, which is far less than the $729,750 loan limit.

• Her current mortgage payment (including taxes, insurance, and homeowners' association dues) is $1,950 per month and her gross (pre-tax) monthly income is $4200. Her monthly mortgage payment is 46% of her monthly income, which is greater than the 31% eligibility requirement.

• Jennifer has a mortgage payment that is no longer affordable because of a reduction in income.

Like Jennifer, you may be struggling to pay your mortgage, perhaps because your income has been reduced or you have another financial hardship. If you are struggling to pay your mortgage, here are answers to some of the questions you may be asking about the plan.

Do I need to be behind on my mortgage payments to be eligible for a loan modificatio?

No. If you are struggling to stay current on your mortgage payments you may be eligible if your income is not sufficient to make your payments.

With DIY Loan Modification, you don't have to be behind on your payments, but our Attorneys do look for a genuine hardship on which to base your case.

How do I know if I qualify for a payment reduction under the plan?

In general, you may qualify for a mortgage modification if: 1) You occupy your house as your primary residence; 2) Your monthly mortgage payment is greater than 31 percent of your monthly gross (before tax) income; 3) Your loan amount does not exceed $729,750, the current Fannie Mae and Freddie Mac loan limits, and 4) You are unable to afford your current payment. Final eligibility will be determined by your mortgage lender.

DIY Loan Modification looks at the same criteria listed above, but because you are retaining an Attorney through the process, our overall guidelines are less strict. That is, our skilled Loss Mitigation Specialists (NAN) will also review your Loan Documents through a Forensic Loan Audit (looking for RESPA and TILA violations).

The mortgage I'd like to modify is on a second home or rental property. Is this mortgage eligible for modification?

No. Only the mortgage on the property that you live in is eligible.

Again, through our process, you are retaining an Attorney to represent you to the Lender. We were bringing your case to the Lender, getting loans modified, and saving homes before the Making Home Affordable plan came in play. DIY Loan Modification can work to have the loan on your Investment Property or Rental Property modified!

I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?
Yes. Mortgages on 2, 3, and 4 unit properties are eligible as long as you live in one unit as your primary residence.

In some cases, Homeowners are successful in having their loans modified. But an Attorney can often achieve a much more aggressive loan modification than a consumer can get for him/herself. Dozens of Homeowners have told us that after 3 or 4 months of speaking to their lender, and trying to have their loan modified, the lender said there was nothing they could do! In some cases, the lender simply added the delinquent payments to the loan balance and gave them a short-term Forbearance -- but the lender just didn't do enough, hence the high default rate on Loan Modifications.

I have two mortgages. Will the plan reduce the payments on both?

No. Only the first mortgage is eligible for a modification.

DIY Loan Modification's skilled Loss Mitigation Specialists have had success in modifying both first and second mortgages. The Principal on Second Trust Deeds is sometimes reduced, or the Homeowner is given some other aggressive option, like 0% interest. DIY Loan Modification can in no way predict or guarantee a Homeowner's specific outcome, but we can tell you what other Homeowner's have received through our program.
View Loan Modification Examples

I owe more than my house is worth. Will the plan reduce what I owe?
The goal of the plan is to help homeowners avoid foreclosure by modifying their loans to make payments more affordable. Mortgage lenders are likely to lower payments first by reducing interest rates. However, your lender may also choose to reduce your principal amount.

Is there a financial incentive for homeowners?
Yes. To encourage homeowners who work hard to keep their homes, the plan provides them with a financial incentive to make timely payments on their modified loans. Borrowers who pay on time for five years will have up to $5,000 applied to reduce their principal debt on their first mortgage.

Please review your Loan Modification documents for more details on your specific Loan Modification.