I just started working in mortgage servicing industry and I am researching everyday to understand much more about the modification plans as people are jumping in from every part of the country. I might not be able to give much help, but as I started the job, I have found everwhelming calls regarding to HAMP or Home Affordable Modification Program. I see that you had posted this on Jan, 2010. If you are behind your mortgage payment as is, you should definitely ask your mortgage company to see if they participate on the program. The process takes a bit of time, but once you get the process going, you will get a trial period where your monthly payments will usually be significantly low. As long as your front end ratio or gross income to mortgage monthly payment ratio is higher 31%, there is a chance. However, you should budget your expenses first as some people try to jump into the program while they have not adjusted their expenses according to their recent hardship. There are more prequalification standards, but most important thing is that your monthly payment is either same or higher than 31% of your gross income. Basically, Your Mortgage payment divide by your gross income should come out to 0.31 or higher. You will have to get in contact with your mortgage company consistantly to see how things are going and must send in your paperworks and pay your trial payments if you are at that stage. Also, the plan may not mature into final stage after the trial period, as so you should try best to keep your mortgage current or at least avoid default before you get the plan processing. You will accumulate legal fees each month if get into default. I hope you find a way to lower your payments and able to keep your house.