Since individual circumstances vary, it is best to contact a professional or your lender to determine if you are qualified for a home loan modification. However, certain circumstances are helpful in qualifying homeowners for modification. They include: You must have some provable income. (This can include contribution from friends and family). Your house should be worth less than what you owe on it. You must have some hardship that makes the current loan very difficult to pay. It must make sense to you to keep the home. If you are so upside-down on the value of your home that you think it will never be worth what you owe, short sale may be a better option.