A loan modification is generally, in it’s simplest form, the request to change the terms of my existing mortgage; whether you’re changing the length of the loan, whether you’re changing the interest rate at which your original loan was at, whether you’re changing or requesting to have your principal balance removed.
It’s a basic plea to the bank saying I can’t afford my mortgage as it is now, however, look at my financial situation. I am making money, I have income. If you just simply change or modify my existing loan terms I’ll be able to afford this property. So, any change in the existing loan terms is considered a loan modification.
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