Struggling with your mortgage? Help may be on the way.

Did you listen to the President’s State Of The Union Speech the other night?

In his speech he said he was proposing major changes to the Home Affordable Modification Program or (HAMP) which is a foreclosure prevention program.

Among the changes, borrowers who are struggling because of debt beyond their mortgage will be eligible for a secondary evaluation with more flexible debt-to-income criteria, and eligibility will be extended to investor-owned homes that are used as rental properties.

The administration is also giving principal reductions a bigger role within the program, tripling incentives for investors that agree to write down an underwater borrower’s principal and offering these same incentives to the nation’s two biggest mortgage investors – Fannie Mae and Freddie Mac.

The deadline for HAMP will be extended for an additional year through December 31, 2013.