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A loan modification is helpful if you're facing a temporary financial setback but want to stay in your home.  Typically a lender won't discuss a loan modification until you've been late on your mortgage payment, some have changed this requirement and will discuss a modification if a unforseen issue is fast approaching.  If your lender agrees to a loan modification this adjustment is normally temporary.  The lender will request financial documents, letter of hardship, recent paystubs and tax returns in order to calculate a payment that's affordable.  If you're facing a temporary financial hardship contact your lender and ask them if a loan modification is available.

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The most common word that is being used when talking about helping struggling homeowners, who are facing foreclosure or cannot afford their monthly mortgage payments, is HAMP.

The most common word that is being used when talking about helping struggling homeowners, who are facing foreclosure or cannot afford their monthly mortgage payments, is HAMP. President Obama created The Making Home Affordable Program to help stop foreclosures and keep homeowners in their homes by offering different foreclosure alternatives. The most popular foreclosure alternative in the program is: The Home Affordable Modification Program or better known as HAMP.

You may think that applying for HAMP is easy. Then why are so many homeowners being denied the program that the

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