Struggling borrowers have another opportunity to get their mortgage payments back on track through a new effort called the Streamline Modification Initiative, an article in CNN Money reported.

According to the report, borrowers with mortgages backed by Fannie Mae and Freddie Mac who are at least 90 days behind on their payments will start receiving offers from lenders to lower their monthly mortgage payments.

Unlike other modifications, the Streamline Modification Initiative only requires borrowers to make new payments for at least three months and then those payments turn permanent.

To qualify, the loan has to be at least 12 months old. In addition, borrowers can’t be more than 24 months behind on payments and their principal balances must be 80% or more of the value of their homes, the article said.