Loan modification programs have helped many American homeowners dodge bank foreclosures and remain in their homes. By converting adjustable rate mortgages into fixed rate mortgages, people are able to more readily afford the monthly payments that were unmanageable before.

However, the assistance you get might not be the best if you wind up at the wrong lender. That is why taking advantage of the federal "HAMP" loan modification program can ensure you are able to keep your home and avoid any further financial problems.

The home affordability modification Program or "HAMP" is a government program that allows qualified homeowners to convert their mortgages and eliminate the threat of foreclosure. Qualified lenders are working in partnership with the government to help guide Americans through the application process. There are a few things that you can do to make the process move smoothly.

If any of the following apply to you then you can apply to a lender who is part of this program.

1. Loans started before January 1 2009.

2. The mortgage is on the home you live in. Not another residence.

3. The mortgage covers more than a 1/3 of your income.

4. Your mortgage is for less than less than $729,750.

Make sure that the lender you choose is qualified and reputable and is part of this program. Predatory lending practices are what led to the collapse of the housing market and you should be aware of what to look for in a good lender.

Avoid any lender who asks for a large lump sum at front before they will consider you and ask them if they are part of this federal loan modification program. If they are not look elsewhere. Do not risk your home.

At the same time, be prepared to be frank and candid about your financial situation. Try your best to provide full honest answers about your financial background. Failing to do so will most likely result in lengthy delays in the processing of your application or rejection altogether.

Taking action now will not only allow you to remain in your house you've made a home but protect your biggest investment in life.