The first question the bank might have on their loan modification application is:
ARE YOU EMPLOYED? If you can't show the ability to repay the bank it's time to go with plan B or C, such as short sale or deed in lieu of foreclosure.
Can you provide all of your income documentation? The bank might lose this information a few times but you definetley need to have this to have a complete file.
EXAMPLES of income documentation: last two years tax returns and w-2's, most recent bank statements, 401k, IRA, CD's, other real estate, etc.
Most banks require that there is a hardship as to why you can no longer afford the property.
EXAMPLES of a hardship: divorce, loss of job, employer cuts your wages or hours, major illness, injury, etc.
Can you fill out all of your debts and assetts on the banks preferred financial sheet?
They might ask for all of your home expenses and all of your assett information. If you have all of this information and you're currently employed you might qualify for a modification and you can do all of this grunt work on your own.
If you don't see that you can complete all of this information you should consult an Attorney, CPA, and Realtor as to what you should do next.
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