Eligibility Requirements

• To pre-qualify for the Making Home Affordable Program, there is specific criteria that must be met. Your home must be a primary residence, you must owe less than $729,750 on your first mortgage, the mortgage origination date must be prior to Jan. 1, 2009 and you must be able to demonstrate true financial hardship.
  
  

Exclusions

• Mortgages for vacation homes or rental property are not eligible for modification. The program currently does not apply to Federal Housing Administration Loans.
  
  

Modification Terms

• Loans may be modified by a reduction in interest rate, a reduction of principal or an extension of the payment term.
  
  

Special Requirements

• Before a permanent modification may be granted, homeowners are required to undergo a three-month trial period during which they are expected to make regular mortgage payments to their lender.
  
  

Warnng

• Avoid scams. You should never pay a fee for any services related to federal loan modification.