The federal government has a loan modification program called the Home Affordable Modification Program (HAMP). But the federal government doesn’t work directly with consumers on loan modifications. Rather, this program is administered by your current lender (assuming your lender is participating). If you cannot qualify for a refinance you could contact your lender and request that they modify and improve the terms of your current loan instead. If your lender agrees to modify your loan it is free.
Please be aware though that all loan modifications remain voluntary on the part of lenders — the government-backed loan modification programs are not mandatory.
On seeking professional loan modification help
As we noted, you are not required to pay anyone to request a modification from your lender. However lenders are notoriously resistant to modifying loans and they are not required to grant modifications even with the government-backed modification programs. For that reason some borrowers prefer to get professional help in seeking a loan modification rather than going it alone. Professional loan modification companies charge a fee to apply their legal knowledge, time, contacts, and expertise to the process of seeking a loan modification on your behalf.
If you have run into a brick wall with your attempts at seeking a loan modification or for any other reason you would like to consult with a professional firm you could fill in this contact form to have a couple of professional loan modification firms contact you for a free preliminary consultation.
(Note: We have found that these firms respond most quickly to families that are 30+ days late on their mortgage already so if you are late or might be soon it will probably help to mark that you are behind in the contact form.)