If you have fallen behind in your mortgage payment and want to keep you home call your lender and see if you can get a loan modification. As part of the process, your Lender will work with you to understand the cause of your financial setback and ask you to give them information about your income and your spending, bills, and debts.

Applying for a loan modification does take some effort. You've got to supply documents, double-check forms, and meet deadlines, and it's essential that you stay on top of the process.

Some possible factors determining whether you'd qualify for a loan modification include:

• Your circumstances, why you fell behind on your mortgage and your ability to pay in the future
• Your monthly income and how it compares to your housing costs
• Your property value, the amount of your equity
• The condition of the property, and
• Whether you live in the property or it's vacant

To start the process, you'll need to get the following information to your Lender:

• Pay stubs
•  savings account 
• investment statements
•  Social Security statements
• and tax returns.

Housing information you may be asked to provide include your current principal balance, interest rate, homeowner's association dues, homeowner's insurance costs, and real estate tax statements.

Every situation is unique and you Lender may consider other factors as well such as whether your home is a single or multi-family home and the available programs for your current loan.

Here's how it generally works:

• First, you'll send us the documents we need.
• Then we'll review them and make a decision, usually in less than 30 days.
•  If you qualify, you'll get a trial loan modification that generally lasts 3 months.
• As long as you pay the right amount by the due date during that period and there are no changes in your circumstances, it's likely you'll be approved for a modification within 45 days after the end of that period.
•  At that point, you'll just need to sign the documents for the modification, return them to your Lender, and then you're all set.

This process is complicated at the beginning, but if you take notes, ask questions and stay on top of it, you will succeed in getting your loan modified and staying in your home.