Modifying a mortgage isn’t easy. Here’s what you need to know.

Angie, a systems specialist, and her husband Raul, a Navy chief petty officer, purchased a home in Pensacola, Fla. The couple was careful to find a home they were convinced they could afford. They offered $205,000 on the property and went online to find a 30-year fixed-rate mortgage, putting no money down. In the weeks before closing, everything went smoothly. Their mortgage broker had offered them a fixed-rate loan at 8 percent, with a “piggyback” loan at 11 percent to make up for their lack of down payment.

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