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Obama’s federal loan modification has given a sigh of relief for those who are actually facing difficulty in repaying the mortgage installment due to financial crisis. Nearly five million people in the country are expected to get the benefit of this program and they are finally going to save their homes.

Stop Foreclosure – An Update on Loan Modifications

During the months of March, April and May of 2009 there were numerous reports in the news media that loan modifications have not been successful in helping people to save their homes from foreclosure. Many reported that in over 50% of the cases where loans were modified, the people had fallen behind on their monthly payments and were facing foreclosure again.

Stop Default With a Loan Modification Hardship Letter Template

Writing an effective hardship letter is critical to the success of modifying a home loan. You must be able to communicate in a persuasive manner just how dire your financial situation has become before a lender will go through all the work necessary to keep you out of foreclosure.

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