Are you struggling to keep up with your mortgage payment or know someone who is? For anyone who is finding it difficult to pay their mortgage, it is imperative that they find out as much as possible about programs that are being introduced to ease the burden. The government has recently added new rules to their mortgage modification plan. These new rules are intended to ease the burden of home equity loans.

During the boom, many people purchased homes with 100% financing. This was made possible with the use of home equity loans. How did it work? The difference between the purchase price and the home value gave the buyer the advantage to use the built in equity of the home for a second loan. The first loan was 80% and the second loan was 20%. No down payment was required and no mortgage insurance was required.

Many of these first and second loans are in jeopardy of foreclosure. The Making Home Affordable Program has been recently updated to include second mortgages since second mortgages can make it difficult or sometimes impossible to refinance a first mortgage. More than 75% of the loans in the country are covered under the new program that addresses both first and second mortgages. This modification to the program can potentially help approximately 9 million homeowners who are at risk of foreclosing. In addition, this program can help those who are current on their mortgage but who owe more than the home's value. They, too, may be able to take advantage of refinancing for lower mortgage rates through the program.

As with any program, there are lots of rules and regulations and the whole procedure can become quite confusing. About a dozen servicers have been contracted to take on the implementation of this program.

What should you do next? First, visit the Making Home Affordable website and learn as much as you can about the program. The link is at the bottom of the page. The site offers an eligibility page, a hotline to call and a lot of material to read regarding the program. Don't let the material overwhelm you, just give them a call if you are in need of this program. They are trained and knowledgeable about the details and should be able to assist you.