A loan modification is not necessarily your only option. We have loan programs called HARP and we are working towards HARP 2.0. Right now we have loan programs that will work on homes up to 125% loan to value (LTV). The loan needs to be owned by Freddie Mac or Fannie Mae and there are some other rules as well. You may not know if Freddie or Fannie own your loan and who you pay your mortgage to is no indication of who owns it.
On the new program that is being rolled out, LTV is taken out of the equation and there are other changes but as I said, the rules are still being digested by the industry so we can implement them
I am in Sebastopol and can help you directly at (707) 887-1275 or http://www.AskTheLoanMan.com.