Many homeowners are finding themselves in a debt trap and are looking to renegotiate the terms of their mortgage. To address this, a writer in the Washington Post has written a concise step-by-step guide on how to get it done. In sum:
Establish that you would be better off with a modification than with refinancing.
Deliver the information the servicer requires, in the form the servicer specifies.
Make sure the information you provide is correct.
Make sure your information does not get lost in the shuffle.
Determine whether you are eligible for special modification programs.
Nudge the servicer as needed.
Those are just the highlights. Read the entire article for a full explanation of each point.