If you are falling behind or fear you will fall behind on your mortgage payments, you may want to consider a home loan modification. This is where your lender changes the terms of your existing loan in some way that makes it easier for you to pay your payments. It can be a good option to prevent foreclosure and save your home if you have financial difficulties.
According to NerdWallet, it is not always an easy task to get a loan modification. When approaching your lender, you will need to show that you are in financial hardship. Lenders vary on the requirements but you need to show your lender that you will very likely end up in default soon or already be in default. You will also need to show why this is happening and what caused you to enter financial hardship. Mismanaging your finances or overspending is usually not enough to make a lender want to offer you a loan modification.
It may also help to show your lender that you have been working towards a solution. If your loan goes through Fannie Mae or Freddie Mac, consider the programs they offer for this type of situation. The Flex Modification program that both offer may be one option. You can also look into the Enhanced Relief Refinance program from Freddie Mac or the High Loan-to-Value Refinance Option from Fannie Mae. These may be a better choice over home loan modification directly through your lender.
In general, you need to show your lender that a modification will be a solution. It wants to know that if it changes the terms of your loan that you will be able to maintain your payments.