A loan modification is an agreement between a borrower and a lender to permanently change the terms of a mortgage. You'll need to prove financial hardship in order to qualify for a loan modification.

What is a loan modification? A mortgage loan modification is a relief option designed for borrowers experiencing long-term financial hardships that make it impossible for them to keep up with payments ...

A loan modification is a change to your original loan terms. You can request a loan modification from your mortgage lender if you can no longer afford your monthly payments, but it’s important to know ...