what is loan modification 
loan modification is a change made to the terms of an existing loan by a lender it may involve a reduction in the interest rate an extension of the length of time for repayment a different type of loan or any combination of the three such changes usually are made because the borrower is unable to repay the original loan 1 most successful loan modification processes are negotiated with the help of an attorney or a settlement company some borrowers are eligible for government assistance in loan modification 