One of the biggest factors is the value of your home. No one is going to be able to help you if you owe more on your home than it is worth. It is unfortunate, but it is not uncommon for the current economy. It is people that have had a hardship or a reduction in income that can expect help with their mortgages.

If you have a Fannie Mae or Freddie Mac backed mortgage, you may be eligible to refinance your home at a lower interest rate. If you are seeking a modification, your biggest task will be proving that you are capable of keeping a modified mortgage current.

It will be important that you have a manageable budget in place, a plan for managing your debt and an explanation as to how you plan on keeping your mortgage current once it has been modified. As long as you are you are not upside down in your current mortgage and are capable of making a payment on your home, the chance is good that their will be something the mortgage industry can do to keep you in your home.