It's only Thursday and the media is full of breaking news on lenders participation in the loan modification process.  Understand that the landscape regarding the status of real estate loans is changing daily and there is no standardization of how the process will carry forward.  Some speculate that lenders are jumping in ahead of the government creating their own individual guidelines which may pre-empt the federal government's guidelines which could be more stringent and uniform.  For example in the announcement of Citi Mortgage willingness to modify loans, the primary criteria is that the borrrower must be current on their payments, whereas the Fannie Mae, Freddie Mac announcement  this week in the Arizona Republic indicated a minimum of three months delinquent and a 90% loan to current value requirement with specific debt ratio guidelines.  
This will not be "a get out of jail free card" for those who don't demonstrate a qualified hardship  that is required in all loan modifications.  Many experts indicate that the loan modifications will aid about 20% of the troubled current loans.  What we are sensing is the movement towards greater lender coooperation in easing the homeowner financial crisis and strong pressure to slow down the foreclosure rate.  For more information on the steps to avoid foreclosure, contact Gayle for a confidential interview at Gayle@AZAVoidForeclosureNow.com or direct at 602-850-4335.