About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs

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.

We recommend you contact your lender yourself with any inquiries about loan modifications.

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