Modifications coming to the Home Affordable Modification Plan

With nearly 25% of all mortgage holders in the U.S. underwater – meaning they owe more on their house than it's currently worth – it's no wonder that a new part of the Home Affordable Modification Program (or HAMP) taking effect April 5 is garnering big ink, including a page one story in The New York Times.

This one is called HAFA -- Home Affordable Foreclosure Alternatives.

What is it? Under the new program, lenders will be offered incentives to allow some underwater homeowners to sell short – selling their homes for less than they owe on their loans and being let off the hook for the rest.