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Loan Modification Assistance

There are many different types of loan modification programs out there today.

For the most part, you have a couple options depending on your lender.

Almost every lender has an in-house loan modification program.  This is simply your lenders own modification program that is approved under their own guidelines.  Every lender is different, so every in-house program is a little different as well.  They are often very similar to government programs described below.  Most people apply for a government program with their lender and if that is rejected, apply for the in-house loan modification program.

There are also a government sponsored loan modification programs.  These guidelines were set by government agencies and are used by many lenders, but not all participate.

With these loan modification programs, if you qualify your monthly payments are reduced to 31% of your monthly income.  This is accomplished by reducing your interest rate as low as 2%, extending the length of your loan and reducing your principal balance.