Avoid foreclosure with home mortgage modification programs in New Mexico.

If you're a New Mexico homeowner who's found it increasingly difficult to make your monthly mortgage payments, then you may be a good candidate for mortgage modification. There are a number of different home mortgage modification programs for New Mexico homeowners.

Mortgage modification involves modifying the terms of your original mortgage agreement to lower your payment. Traditional New Mexico home loan modification may be available to you through your original mortgage lender or a new lender.

Modification terms can vary widely by lender but typically include either permanent or temporary changes to your mortgage rate and monthly payment. Past-due mortgage amounts might also be rolled back into your mortgage principal balance. The new balance is re-amortized as part of the deal.

You may also qualify for home mortgage modification through the Home Affordable Modification Program, a federal program that was established as part of the  Making Home Affordable ( MHA ) program, which was developed by the U.S. Department of thecredit-calcTreasury and the U.S. Department of Urban Housing and Development. If you are employed but unable to make your mortgage payments due to a financial hardships, or you don't qualify for mortgage modification because your debt-to-income ratio is too low, HAMP can help. Eligible candidates include those who live in the home as their permanent residence and are either delinquent on their home loan or in danger of defaulting.

If you are eligible for HAMP, you may also be eligible for the Second Lien Modification Program which reduces your second mortgage.

The Principal Reduction Alternative ( PRA ) is also offered under MHA. If you owe more on your home than it is currently worth, you are eligible to apply. With PRA your mortgage provider agrees to lower your principal, which will lower your payments, and in-turn MHA covers the difference.

Because there are so many New Mexico home loan modification programs, you will want to talk with your lender and an approved housing counselor about MHA. RealtyNow is a great source for finding lenders in your area to help you better understand the home mortgage modification programs for New Mexico homeowners.