Requirements for Loan Modification

The only minimum requirements for a loan modification are a desire to stay in your house and proof of income.  A bank cannot justify modifying a mortgage to any amount where a homeowner cannot demonstrate an ability to repay; therefore, you need a job and/or subsidized income of some sort.  After the minimum requirements have been met, your bank will work with you to adjust the terms and conditions of the loan so that it is more affordable to you.