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Why were mortgage modification programs created?

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To help homeowners facing foreclosure

To help homeowners stay in their homes

To keep the housing market stable

All of the above

All of the above. The federal government created mortgage modification programs for all of these reasons.

A mortgage modification program can, in some cases, lower your monthly mortgage payment.

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True

False

True. Programs differ, but many of them feature lowered monthly payments.

In order to benefit from a mortgage modification program, a person must be in default.

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True

False

False. A person need not be in default to qualify for some programs, though he or she must be for certain others.

Mortgage loan modification programs exist to address foreclosures.

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True

False

True. The federal government created these programs to help homeowners in trouble.

Federal programs for homeowners facing foreclosure are available to all homeowners, regardless of their situation.

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True

False

False. There are many requirements that homeowners must meet, some of them quite demanding.