Not everyone qualifies for a loan modification. Generally, you need to:
Be delinquent on your mortgage payments or in danger of defaulting.
Demonstrate a financial hardship (e.g., job loss, illness).
Send in all required application materials to your servicer.
Complete a trial period to show you can afford a new monthly payment and pay on time.
If you have questions about whether a loan modification is possible or best for your situation, you can get free assistance from Department of Housing and Urban Development-approved counselors by calling 888-995-HOPE (4673), 24/7, year-round.