Would like some info on Loan Modifications

I know it's been asked before, but I would love a refresher course.

What do I need to know to do this?

Will this effect our credit?

Do you have to be late on your payments?

Do you have to remain in the home for a certain amount of time after (if) you are approved for a modification?

Do they take into consideration what is in your savings account and 401k?

Not sure what else to to ask.

Any input would be great.

TIA

Message edited 3/14/2010 5:48:16 PM.