If I may advise, under very few circumstances should any resourceful person ever consider entering into the pit of the home loan modification process. Use this only as a absolute last resort or not at all~you might be better off fighting foreclosure and squatting. If you want to keep your home, do anything else you can do to help yourself first…make your own laundry detergent, do your own nails, don’t buy stupid paper towels, whatever you can to meet their demands. This is a program which rarely assists homeowners, but eminently more often works to assist the underwriters and investors in speeding up and insuring the foreclosure process~in spite of what we are told, or want to believe, the investors want to foreclose on your home, especially if you have even a dollar of equity and the property is not under water. If you take the path they have laid out for you it is an almost certainty that they will have their way with you.

My husband and I were current on our mortgage when my husband lost his job and we were reduced to having only $300 a week in income from his unemployment. I earn no income outside of the home and had a nursing one moth old infant and a fifteen month old to care for at the time. We were accepted into the modification trial period (which we were told would only last three months)while we were still current on our mortgage. Even while working through an approved HUD counselor and doing everything by the book, nine months later we were denied a permanent modification due to their false claim that we failed to provide all the documentation requested. We had been making timely modified payments and upon denial BAC Home Loans Servicing, LP immediately sent threats to accelerate if all the money they had deferred, fines, and late fees were not paid up~we had two weeks.
We saved our home from the investment profit vultures due to our own sheer personal aspiration to do so, and some very creative ways of managing our household resources.