[ModificationDoctor]

Well, first of all, it is important to understand WHY your lender denied the request. Do this, take your GROSS, NET income for the month, and subtract out your current mortgage payment, all bills which would show on your credit report. Additionally, subtract out your monthly figures for food, gas, lights, heating, phone, electricity, insurance and any other recurring monthly debt. Once you have done that, how much are you left with? You should have atleast 8% left over after everything is subtracted. If you are left with a negative number, then you must see whether that number will change if the rate was reduced on your current mortgage balance. So, if you can, do a mortgage calculation with a lower rate, (as low as 3%) and then see whether or not you would end up with atleast 8% of your NET income left after all expenses. If so, you would QUALIFY for a loan mod. The importance of doing the numbers YOURSELF is to insure that nothing has been missed and you completely understand your situation. Hope this helps.