A loan mortgage modification plan by the Home Affordable Modification Program (HAMP) seems to be expanding and refining as time goes by to include more alternatives to help a broad cross section of people who are having difficulty making their monthly mortgage payment. HAMP is the mortgage modification plan rolled out in February 2009 by president Obama called Making Home Affordable.
It appears that there are mortgage modification plans for second mortgages too. As far as how effective it will be remains to be seen.
There are specific guidelines you must fall under to qualify of course for the HAMP loan mortgage modifications, but they are reasonable and have been adjusted over the last few years to include more and more people with varies situations of hardship.
One very effective mortgage modification is the HAMP Principal Reduction Alternative (PRA). This was a long time in coming because house values have declined so quick and so much. This program should help reduce foreclosures because people can get their principal reduced along with their payment.
There is also Hardest Hit Housing Markets (HHF) HAMP program to help those states hit the hardest by value decline. Not all states are included in this program, just the hardest hit ones are.
To read more go to HAMP loan mortgage modification and you can get more in detail on how HAMP works.