(C) Eligibility A mortgagor shall be eligible to participate in an affordable loan modification if— (i) such person is a borrower under a federally related loan secured by the principal residence of the borrower or a person eligible to assume such a loan as a successor homeowner protected from an acceleration of a mortgage loan under the Garn-St Germain Depository Institutions Act of 1982, who is unable to make payments on a federally related mortgage loan under such criteria as the Director of the Bureau shall define, in consultation with the Secretary of Housing and Urban Development and the Secretary of the Treasury