The document compares the options of pursuing a loan modification versus an equity now program. A loan modification may lower the interest rate and extend the loan term, but the borrower remains underwater. An equity now program involves a third party purchasing the existing loan at a discount, then providing the homeowner equity in the form of a portion of the discounted price and refinancing into a new loan with a lower balance. This approach aims to put the homeowner in a positive equity position and encourage continued payments.