would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?

My homes value has dropped significantly with all the foreclosures in my area. Appraised at just 68,000! I owe 178,000! Would my mortgage company be more willing to help me stay in my home buy making my payments more affordable than to add one more forclosure to the LONG list in my area? To me…It would benefit them to help me stay in a home I have been living in for that last 13 years.

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