More lenders allow "early workout" loan alterations

Borrowers with loans owned by Fannie Mae no longer have to be behind in payments in order to qualify for a loan modification.  Borrowers facing financial difficulty, such as losing a source of income, now can apply for an "early workout" loan alteration.  Under Fannie Mae's program, borrowers who qualify will enter into a trial period of reduced payments, usually for four months.  If the reduced payments are made on time each month during the trial period, the modified mortgage terms may become permanent.  This article from the Los Angeles Times has quite a bit of information to help homwowners with early workout loan atlerations.