Can my loan be modified?

[Mike]

Hello Last year I purchased a house using a no-doc loan for my move out of state. When I brought the house, I was making about 10-12K/year more than I am now. Once I got a job I tried to refi but couldn't and still can't because of property values. My current loan is a 8% IO that is fixed. I've only been late once but not at the 30 day point, just enough to cause a late charge. Things are starting to get tight and I am in the $200 surplus at the end of the month range I keep reading about. My loan was sold to Countrywide, and I tried to use them to refi but was told the property value was too low. Under this criteria would I be eligible for a modification? Currently, my taxes, insurance and PMI are all escrowed. I've been on the foreclosure route before and I don't want to get to that point if I can help it. Thanks for the advice!