People of the similar and of different economic situations want a loan modification at some time. But they have to be wise enough to show their lenders that they deserve a loan modification. If you are in the same boat as them, you should try to learn to how deal with your situation and make your lenders see that it would also be to their advantage to grant you a loan modification.   In most situations, people seek for a loan modification to lower their monthly payments or the going interest rates. If you are up to date with the payments and if you have a good credit history, you should go to your lender prepared with all the proof of your good standing. This could facilitate the approval of your loan modification application. Just be ready to pay the fees though.   However, if you suddenly lost a job and missed a few payments you still have to contact your lender and arrange for a loan modification. Even if you are at a bad situation right now, lenders could still approve your application because most of them just want you to be able to repay the loan. It's more convenient this way than having to foreclose the property. But again, be ready to show them a rundown of your income and expenses to show them that you are acting in good faith. It's just that you really have a low income at the present.   If you started with a bad credit and a high interest loan, regaining a good credit rating could qualify you for a better interest rate. If the lender will see the improvement in your credit and economic circumstance, you would also likely get a loan modification.