Try plugging your numbers here. Click the link below and select the net present value worksheet.
To get started, you will need the following information:
Original loan balance.
Original amortization term.
Original interest rate.
Current unpaid principal balance.
Current interest rate.
Remaining term.
Whether your loan term is interest only or principal and interest.
State where property is located.
Current home value.
Monthly gross income.
Monthly Escrow amount (taxes and insurance)
You will need these numbers to check to see whether you pass the NPV test and whether the bank considers a modification beneficial. Of course, we do not know the variables that the bank uses, however, it is a starting point.
If you have any difficulties, post your numbers and others on the forum will be glad to help.
FDIC: FDIC Loan Modification Program Guide – "Mod in a Box"