The simply straightforward answer to this question is simple. In order to answer your question you will have to ask yourself one. Can you afford it?

This is the one thing the bank really wants to know. If you are in arrears on your mortgage and are seeking a mortgage modification the bank will take a long hard look at your letter of hardship and closely consider what your financial situation is and if they can find reason to believe that you can afford to make mortgage payments after they have been modified.

That's it! That's the secret!

However, that's not all there is too it. Not only must you convince them that you can afford the new arrangements you must further convince them you can not afford the old ones. Ok, you are probably thinking, so how do I do this? How do I effectively express my ability to not pay one set of terms and yet be able to pay another?

While this may seem complicated it really is not. First you need to understand what the lender considers qualifying. You need to know how they calculate your income. In this case your income is not calculated using the normal method. This can work to your benefit..

To determine your household total useable income consider ANY money that may be coming into your home. Including little Johnnies paper route, Grandma's Social Security checks, your wife's pay for baby sitting, even your income from a second job that may be "under the table". What is of paramount importance is that you need to be able to prove this. This proof must come in the way of bank statements, 1099's or some other documentable method. In addition if only one income was reported on the original loan, then the other spouse's income can be counted as well. This documentable income will be what you will present to the lender.

Now you will need to determine what the new monthly mortgage payment will be. Use a general guideline such as 5 off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue