Income is an important key to any loan modification.  However, many people run into problems and get denied by their lender because they do not have enough income.  The mistake many people make, and the lender/bank/servicer is not always too quick to clarify, is that they believe that you have to be on the title and the loan to be considered in the loan modification.  This is not the case.  Remember, the lender is trying to see everything possible as to why you would qualify for a loan modification.  This means that anyone who lives in the house who makes money and contributes to the household expenses can be considered in the loan modification.  This included the child who has a paper root all the way through grandma's social security income.

If you still do not have enough income to qualify then the next step may be to open up your home to a renter.  Rental income does not need to very seasoned to be used to qualify for the  loan modification process.  By renting out your room you show a true willingness to keep the home and you increase the household income substantially.  This is a great option for many people.