Loan Modifications: Travesty or Social Responsibility

The Government is making all kinds of efforts to help home owners modify their loans so that monthly mortgage payments are more affordable. Forecasts predict that upto 9 million home owners will end up losing their homes when their mortgages foreclose. For the last year I have been reporting on the different measures the government is implementing to extend loan modifications to as many people as posible. For instance, now you don´t even have to be behind in your payments to qualify. However some feel that this is not enough. For example one of the requirements to apply for a Home Affordable Mortgage Program is that your mortgage is over 31% of your income. If your mortgage is 31% or less of your monthly income then you will not qualify for a mortgage modification. This requirement