If you have fallen behind your mortgage payments and do not anticipate your financial situation to improve in the near future you could be eligible for a mortgage modification. However, lenders do have a set of criteria that you need to meet in order to qualify for a mortgage modification. These criteria can differ from bank to bank. These are some of the most typical criteria:

* You experienced documented hardship or change in your financial situation due to unforeseeable events

* You have fallen behind your mortgage payments and are 90 days delinquent

* The mortgage is for your primary residence

* You have not filed for bankruptcy

Your request for a mortgage modification will be disqualified if it can be proven that it is fraudulent, that is you have fallen behind your payment purposefully in order to negotiate a mortgage modification.
It is also very important that you work with the lender in a responsive and timely manner. Although some of these criteria may be examined to determine your eligibility, the truth is that you do have some leverage. No creditor likes any of the other time intensive and costly options such as foreclosure, collections or worse, a debtor’s bankruptcy filing which would leave the creditor with nothing. Therefore a lender may be open to re-negotiate the terms of your original mortgage with you. In fact, to extend the duration of the loan will lower your monthly payments and profit the creditor. There are no set rules. You have to explain your situation and ask the lender for cooperation. A mortgage modification may just be the only win-win solution.