Consider my reply before:
You have to factor in the players viewport angle.
Therefore :
mode7 x: Player.X / scrollingfactor + cos(Player.Angle)
mode7 y: Player.Y / scrollingfactor + sin(Player.Angle)
scrollingfactor is related to player viewport height and screen resolution / mode7 object height and has to be tweaked.
Also keep in mind for FPS purposes, the horizon line has to be at Y viewportheight /2.