Is this your primary residence? What other assets are you speaking of? Do you have equity in your home?
I think the information you provided is a little too vague to give an answer. Finance questions like these should go to your cpa or Real Estate attorney. There are several other options besides modification. I have a section on my website that lists all the options homeowners such as yourself have. Take a look at them and find which options you might consider for yourself then call your cpa for advice about your options... Many homeowners feel that modification or foreclosure are the only options but that usually is not the case. If you need a real estate professional in your area, I could help you find one. Or if you have other questions, you can email or call me . My phone number is on my website... Good Luck!