With the housing market experiencing the most pervasive slump since the Great Depression and the number of home foreclosures on the rise, mortgage loan modifications have been getting a lot of attention lately- especially after the passage of President Obama's Housing Stimulus Plan. A mortgage loan modification can bring some welcome relief to those who qualify. But unfortunately, many homeowners will not be eligible for this program.

Here are a few things home owners should know about mortgage loan modifications:

What is a Loan Modification?

A mortgage loan modification, also known as a loan workout, occurs when a lender agrees to change the terms of a mortgage in response to a borrower's long-term inability to repay the loan. These changes may be permanent or temporary and generally involve a reduction in the mortgage interest rate (APR), a loan term extension, and a change in monthly payments. In some cases, lenders may even agree to allow the borrower to skip payments (and add them to the end of the loan) or reduce the total amount of principal due on the loan.

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