government loan modification program, government loan modification guidelinesThe government loan modification program was announced by President Obama in Phoenix on February 18, and was received favorably by just about everyone and every agency that has had a chance to review it. By the first of March, people will start to take advantage of the new government loan modification program to help them stay in their homes with lower payments. Foreclosures started this economic downturn so stopping them will certainly stop the skidding we have experienced for the last few years.

There are government loan modification guidelines that each borrower will have to meet, so not everyone who needs the help will be able to get it. People who owe far more than their homes are worth will not be able to get the government help, but possibly, their banks will work with them on a privately generated loan modification. The more people who can stay in their homes, the better off we all will be. Banks lose fortunes on foreclosures, as do the owners, so these efforts, both private and public, should gradually help the economy out of this deep recession.