Mortgage loan modification is becoming a savior for more and more homeowners that are facing foreclosure.

The program, designed to allow homeowners to modify their current mortgages without refinancing, was first introduced by the Obama administration in March 2009.  Since then over a quarter of a million homes are credited with being saved by the mortgage loan modification program.

To be eligible for the program, homeowners must have taken out a mortgage prior to January of 2009 and must demonstrate some form of hardship.  Proof of income and other items may be requested when applying for a mortgage loan modification.

An approved mortgage loan modification stems to save the homeowner in monthly interest, dropping the rate to 31 percent of their monthly income.
A number of companies claiming to be able to assist in the mortgage loan modification process have emerged since the inception of the program, but homeowners that sense that they will be falling behind in mortgage payments are urged to speak to their lenders first to determine if they qualify for the program.