seeking LoanMod but NOT primary residence

[M_and_C]

Hi, I just joined the forum, and I'm impressed with the community here. I know hardly anything about this stuff, so any help will be very appreciated!

My wife bought a house about 3 and half years ago, just before we got married (so the house is in her name). As soon as we got married (about 3 years ago) she moved with me to another state so I could pursue a PhD, with the hopes of bettering our life together, to give me a better shot in the job market. We found a tenant for the house, though the rent we receive is about 400 less than the mortgage. My wife had a difficult time finding work (until very recently) and we blasted through most of our savings (to cover both the gap in the mortgage payment, my wife's health insurance, cost of living increase, etc.). My pay as a grad student is meager. We are behind in our mortgage payments, and if something doesn't change, I'm sure we'll end up in foreclosure.

I have heard it is difficult to obtain a loan modification if the home is not your primary residence. But it was not purchased as an investment property. We fully intend on moving back (in roughly 3-5 years). Do we have a chance?

The loan itself isn't (I don't think) a bad one: 6.25% fixed over 30 years (it's through First Horizon). The problem is that we just can't meet the payments. We REALLY want to keep the house.

As I said, any help is VERY appreciated.