I want info. on how to do a loan Modification?

I have been having a hard time with Mortgage these last few months. Since the value in my neighborhood has went from the original $ 130.000 to a $ 240,000 to now a $ 80,000 . I have been hearing commercials on the talk radio that I listen to in Phoenix, and it talks about being able to lower principle owed on house to lower payment. My question; is there a such program and if there is could someone explain to me so I could lower my payments. I have a 6.75 fix and owe $ 125,000.. have talked to bank about this because I couldn’t make the Nov. Or Dec. payment to see if they would help me in some way. They said no.. I have brought mortgage to a current status for now but would like to see if I could do something about lowering my house note. If anyone has any info. on how to do this Modification, I would appreciate your help.. Thanks

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