Although loan modifications have become very common, it's important to keep in mind that no all loan modifications are approved by the lender. In deciding whether to offer a loan modification, the lender will generally look at the major element in the approval process: the debt-to-income ratio.

The debt-to-income ratio is the fundamental factor in determining how successful an application will become because it is the best way for the lender to calculate if the person will be able to pay back the loan after the loan modification.

Prior to talking to a lender, it is a good idea for the individual to find out the debt-to-income ratio. This is so because of two fundamental reasons.

First, the debt-to-income ratio gives the individual a good idea of whether the home loan application will be offered. Most lending institutions prefer to see a debt-to-ratio that isn't above 50%. Some lending institutions are willing to go all the way up to 55%. In a few instances, and given the adequate circumstances, some lenders will go even higher.

For example, frequently home owners may pay off some cards to decrease the debt-to-income ratio. In other instances, the owner can give a very good excuse why she will be able to make the payments even with the elevated debt-to-income ra

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