In an effort to help homeowners threatened by foreclosure, Chicago hosted a "Fix your Mortgage" event that offered residents access to President Obama's loan modifcation program.

Lisa Moore has lived in a west side home for more than 16 years, but recently the mother of 3 has started to fall behind on her mortgage payments. As her expenses have gone up and her income has gone down making the $1,300 a month payment is no longer a viable option.

When you're talking about a single parent mantaining a home, where you still have to do repairs, pay for the car, and take care of bills, it becomes a problem. So Lisa joined hundreds of others at the Chicago police training academy.

They are seeking help under a new federal program designed to allow homeowners in trouble to avoid foreclosure by helping them submit applications to modify their loans.

People needed to bring information about income and debt. So they needed bank statements, mortgage statements and pay stubs.

The program, implemented by the Obama Administration in March is expected to help four million homeowners nationwide. And according to Mayor Daley over 80,000 in Chicago alone.

Under the plan, homeowners may be eligible for loan modification if:

-Individual is behind on their mortgage or at risk of falling behind due to hardship
-An owner-occupant of a 1 to 4 unit property
-Have a loan that was originated before January 1, 2009
-Have an income that will support monthly mortgage payments.

After going through her paperwork, Lisa got some good news; she's eligible for the loan modification. And her application has now been submitted to her loan provider.