``First of all, it's important to recognize that each homeowner's situation is entirely unique... like snowflakes, no two are exactly alike. And the bottom-line is that your mortgage servicer is limited as to what the solution they can offer by the limitations placed on your loan by the investor(s).

So, the first question you'll want to answer is: Does Fannie Mae or Freddie Mac own your loan? You can find out by clicking here: Fannie Mae Loan Look-Up... Freddie Mac Loan Look-Up.

The reason you want to know if either Fannie or Freddie owns your loan is that both have specific rules that servicers must follow and neither has agreed to grant principal reductions to delinquent borrowers as part of the loan modifications they offer. And, if you're mortgage is underwater by a significant amount, meaning you owe a lot more than it's worth, then you have to consider whether you want to modify your loan knowing that, depending how far underwater you are, it could be that you won't be in an equity position for some time.''

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