Refinance your home.
The big first step in determining your eligibility for either program is to find out who "owns" your mortgage. Both programs mandate that lenders consider borrowers whose mortgages are backed by either Fannie Mae or Freddie Mac. It is hoped that lenders will consider offering the same assistance to other loans as well. And, given the financial incentives lenders will receive for the loan modification program, I expect many will.

Get Suze's mortgage assistance action step