We don’t need to remind anyone of the extreme housing crisis of 2008, still ongoing, and of the hundreds of thousands of homeowners who lost their homes to foreclosure. Its impact on the economy and on people’s lives has been so devastating that the Obama Administration felt compelled to act. In February and March of 2009, the Administration introduced the Making Home Affordable (MHA) program with its loan modification provisions.

There’s a lot of information available to homeowners on the Internet. The best place to start is the federal government’s own website at  Making Home Affordable. You’ll get a lot of information and examples there. However, simply entering “loan modification” + “foreclosure” into the search engines will give you a wealth of information on the topic.

The Administration’s stated goal is a target of 500,000 cumulative trial modifications started by November 1, 2009. Under the legislation, the MHA provides $75 billion for sustainable mortgage modifications. These funds are to assist lender banks in covering losses they incur in establishing loan modifications for their clients.

So what does this mean to you if you’re in danger of losing your home because you can’t pay your mortgage? Well first of all it’s bad news for the economy. When hundreds of thousands of homeowners aren’t paying down their mortgages, that’s an awful lot of money not going into the economy to create and sustain jobs. Along with that goes the whole social issue of family breakdown, health problems and more – everyone wants to avoid that. It’s also very costly and a huge strain on social services and governments at all levels without even considering the personal impact on those involved.

The bottom line is that the government doesn’t want you to lose your home because of the impact on the economy. The bank doesn’t want to foreclose on your home because they lose money. And you have a family you want to take care of.

The MHA then is an extraordinary measure to help you avoid foreclosure and keep you in your home. What it requires is an unparalleled degree of working together between you the homeowner and your lender bank. The process involved to achieve this is the loan modification program. This program is designed to lower your interest, perhaps decrease the principal, and thus give you a lower, affordable monthly payment on your mortgage.

This is a complex program. It’s not easy. All indications are that to get the best results, it’s smart of get qualified help before you approach the bank. It’s also important to make sure that any help is genuine and not some kind of scam.

Here’s an online program that you may find of value. It’s Help Lower My Interest. This site provides you with a Loan Modification Package along with an explanatory ebook that allows you to do your own homework before meeting with your lender bank. The site also has consultants available to guide you in the process. It’s an investment of $295 that’s 100% guaranteed. What it does is make your work, and that of the bank, that much easier and less stressful on everyone involved.