Good afternoon and thanks for your question; hopefully I can give you some insight.  My first piece of advice is be as proactive as possible concerning communication with your lender.  Contact the number on your statements and speak to the loan modification department.  They will inquire as to what (if anything) has caused you to fall behind and offer some possible solutions; hopefully one of those solutions will be a loan modification.  Your lender will also request some financial documentation in order to give them a clearer picture of what your specific financial situation is and determine what would be an affordable payment for you.

Also, if you get no satisfaction from contacting your lender directly there are a number of third party loan modification companies out there along with a government sponsored agency that assists homeowners in obtaining a loan modification.  Take your time (not too much though) and do your homework; as with anything there are excellent providers of this service as well as those I would stay away from.  Be aware that most of these entities work on an up-front fee basis.

If a loan modification is not warranted or you don't qualify; another option is a short sale.  The one question each homeowner in a similar situation needs to ask themselves is: Do I want to keep the property and what am I willing to do in order to make that happen?

I hope this has helped. Best of luck.