We are hoping to get a loan modification due to a dramatic change in financial circumstances. Due to the job market, we had to move out of state and still own our home. We are now renting in the new location and have the other place on the market. Comp prices have fallen dramatically so, realistically, a sale isn't possible. Trying to rent it out but even that market is tough. Our incomes have gone up significantly since last year but so have our expenses since we are paying for 2 places plus have a larger tax burden in the new state and increased vehicle expenses due to commutes. We are not behind on our mortgages, but are just scraping by trying to keep our heads above water. We have no safety net right now (former employer owes significant backpay, but that's another issue...) We do not have a Freddie Mac/Fannie Mae loan. Do we have a shot?

If you do not live in the property you will not qualify for the HAMP program. However, you may qualify for one of your servicer's in-house loan modifications.