Obama administration plans on helping millions of homeowners who are facing forclosure.
Government officials have met with companies such as Bank of America, Wells Fargo, and Citigroup in hopes of speeding up the process modifying myriads of homeowners' mortgages.
Homeowners are expected to prove that they can afford the new payment terms for at least three months. Afterwards, the new terms will be finalized.
There are plans to start 500,000 test homeowners' mortgage modifications by November 1st.