There is a difference between a loan modification (which is negotiated directly with your current lender and typically requires that you be 90+ days late on your payments) versus a refinance (where you can work with a broker and you need to be current on payments) using one of the new Federal programs created to help people who owe more than what a property is worth.
I would start by exploring whether or not one of the refinance programs would work for your situation.
Check to see if Fannie Mae or Freddie Mac "own" your loan by going to:
If you receive a confirmation ("YES") from either of these two web sites, then your next step would be to contact a mortgage broker to see if you would qualify for a refinance under the special Fannie Mae or Freddie Mac programs.
If your loan is not "owned" or held by Fannie or Freddie, you may be still be able to refinance through a new FHA program that will allow a 97.75% Loan-to-value on a first mortgage (after your current lender "writes off" at least 10% of your current loan), with a 115% max Combined Loan-to-value that includes a second mortgage. The key here, is that you need to convince your current lender to agree to the 10% write off. I believe that you need to be current on your payments....but you would make your request based on your loan being a hardship.
Let me know if I can help.
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