My home is valued at $597,534. My Interest bearing principal is $716,718.75 as of May 1, 2020. $119,184.75 under water. How under water must I be before I can get a loan modification? My present interest rate is 3%, my monthly payment is $3,711.45. I am self-employed and have been for about 20 years. I am current on mortgage payment, had a loan mod in 2016.