Banks are modifying the length of the loan, the total amount of the loan, forgiving missed payments, and changing the interest rate. The rule of thumb is that you should be paying about 31% of your income for your monthly mortgage payments.
Even if you were told by your bank that they could not help you, you need to call and talk to your bank again. Even if you do not qualify under the new Obama administration modifications, because you do not have a Fannie Mae or Freddie Mac loan, you still need to talk to your bank.
You probably should be checking with your bank every two weeks, because things are changing rapidly, and the banks do not want to foreclose on property, especially owner occupied property. Call the phone number on your payment stubs or call the number posted on the internet for loan modification requests.
The bank is not going to yell at you. They will be polite and helpful.
Be prepared to provide the bank with your paystubs and/or income tax returns.
Good luck.
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