Eligible: Home Affordable Modification

Based on the answers you submitted, you may be eligible for a Home Affordable Modification. The next step is to gather the documentation you'll need when you contact your servicer or a housing counselor to get the ball rolling on a modification.

Here's what MakingHomeAffordable.gov, the program's official Web site, says you should have ready when you call:

• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about your savings and other assets.
• Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

Once you've gotten all the documentation together, call your lender or loan servicer, or contact a HUD-approved counseling agency.

For more information on refinancing, visit the Bankrate loan modification topic page.