Are you eligible for a loan mod?

A look at 2 options for troubled borrowers

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In case you haven't heard, the Obama administration has asked major lending institutions to commit to doing at least 500,000 loan modifications before then end of 2009. Is this a viable solution for your home? Have you lost your job? Has your income declined significantly since you first purchased your home? Has your mortgage readjusted to a higher interest rate that you can't afford? If so, there's a good chance that you may be eligible for a loan modification. One of the most common questions on many real estate message boards is, "Do I have to pay an attorney to obtain a loan modification?" The answer to that question is, "Only as a last resort."The loan modification industry is packed with charlatans who are ripping off consumers. If a company is charging upfront fees for its services, look elsewhere. There are plenty of places where you can get help, and much of it is free. An excellent place to start is with the Making Home Affordable program, wh...