Be Honest

According to the Making Home Affordable site, you'll want to gather the following paperwork before reaching out to your servicer:

• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income-tax return.
• Information about your savings and other assets.
• Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home-equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable. (See next tip on how to craft the perfect letter.)

Why loan Modifications

Start now: Not so long ago, loan modification was an option reserved only for homeowners who were in default – that is, when their lender filed a motion to start the foreclosure process, usually after 90 days of late payments. No more, says Jack Guttentag, a professor emeritus of finance at the University of Pennsylvania who runs the Mortgage Professor Web site.
Now, homeowners are receiving help before they go into default, says Moe Bedard, founder of Fiance Hub that performs forensic loan audits on mortgages for borrowers' lawyers. "Some mortgage servicers require a borrower to be 30 days late or more," Bedard says. "Some will work with you before you are late (that is rare). This is really a luck of the draw on who your mortgage servicer is and sometimes the negotiator you are assigned." But the new federal assistance does not require that homeowners be in default before they seek help.
If you have questions on whether you're eligible for a modification, you can complete a quick quiz on the Making Home Affordable site. You won't get a definitive answer, however,
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