Q: Do I have to be behind on my mortgage payments in order to qualify for a modification?

A: No, lenders are currently accepting loan modifications for a variety of reasons.  If you can demonstrate you are in  a financial hardship or are going to be in a hardship you are a strong candidate.  Borrowers whose loans have either recently adjusted or are about to adjust are also in a good position.  Recent homebuyers who are "upside down" in their mortgage where they owe more than their house is worth also generally qualify because they pose a risk to the lender in that they may "walk away" from their home rather than continue paying for a house that is depreciating.