Who is eligible to apply for a home loan modification? There are rules to be followed and executed in home loan modification and as a candidate it is highly relevant that you know all the rules so you can follow them to get the best chance of receiving the loan.   But first, what background do you have that requires refinancing? Sure, there are privileges, benefits, advantages, and guarantee that you can enjoy when you apply for refinancing. But, there are certain cons and drawbacks once you fail to work on them properly. It will be your downfall and it will be a great disappointment if you fail to show strength to win the loan.   So, better work on your credit score. You have to acquire a very good standing so that you will receive reduce interest rate and lower monthly payment, too. Everything should be clear between you and the lender so that there will be harmony as you do business. After all, it is your refinancing that is at stake.   Don't let past mistakes get along the way. If you haven't been able to pay on time before, don't let it happen again. You must assure the lender that such late payment will not happen this time. This will eliminate all grounds of rejection and consider yourself lucky if this prevails.