Should I try for modification now or wait?

[HHM]

To what end?

First, how upside down are you (be honest)?
Second, how much is your total mortgage payments?
Third, what is the total of your mortgage, if your income will not allow proper servicing of the debt assuming your payment was 31% or less of your gross annual income, modification is a non-starter.

[ssmdem]

Just got 1st notification in the mail from the bank regarding our mortgage. We're now two months late - saying that the account is in default, yada, yada. Should we call now requesting modification or wait longer?