For the last two years, mortgage guidelines have become more and more tougher while leaving most homeowners few options. There are some new mortgage programs out there that are giving relief to many troubled homeowners. There is the new DU Refi Plus which allows homeowners with mortgages owned by Fannie and Freddie to refinance their loans and borrow up to 125% of their homes value. This is perfect for those who owe more on their homes then what they are currently worth. Another option available for homeowners with FHA loans is the FHA Streamline program. This program allows homeowners with FHA loans to refinance their homes without having to verify employment, income, or assets. This loan program is perfect for those who may have lost a job or experienced a decline in income. The FHA Streamline loan works great because it allows homeowners the ability to get a new FHA loan without having to get an appraisal. If you do not qualify for a mortgage refinance, the next step is to seek a loan modification. With a loan modification from Professional Loan Consultants you can lower your mortgage payments and keep your home even if you are behind on your mortgage. Professional Loan Consultants works with your lender and an attorney to work out a new mortgage solution to fit your budget and keep your home while obtaining a loan modification with the Home Affordable Modification Program. It is important for homeowners to really asses their financial situations. Some simply bought too much house or may have too much debt. If you can't afford to keep your home or don't want to live in the home any more, there is still another option that will help you save your credit and sell your home for less then what it is worth. This would be through a short sale. Short sales from Professional Loan Consultants will help you get the best deal and protect you from possible liability while reducing your cash contribution. If you would like to get more information on any of these products, please visit Professional Loan Consultants or Chicago Mortgage Secrets NBC recently met with Professional Loan Consultants for an interview on the loan modification process. You may see the interview here: On NBC Chicago