It is the Federal loan modification program that Obama has put 75 billion dollars into so that between five and six million families like yours will not lose everything to bankruptcy or your home to foreclosure. The government knows that there are loads of people experiencing the same problem and wants to assist you.
There are some qualifications before being awarded acceptance into the program of course. It all depends on the date of your loan which must be before January 2009. The loan has to be on your primary lived-in residence and can only have a limited amount owing on the principle depending on the type of home. For example, a one-unit home is permitted to have $729,250 owing.
After receiving acceptance, you will have a lower monthly payment that the government will assist you with, a lower interest rate, and a portion on the principle removed every year, also compliments of Obama's crew. The length of terms will depend on the payment amount every month and can be extended to up to 40 years if necessary. To apply, check the Federal Government website.