Activerain.com has a good Q and A for Loan Modification’s
From the article:
“Question 1 What is a loan modification?
A loan modification involves changing the terms on a mortgage to make the monthly payments more affordable. This may include lowering the interest rate on the loan, extending the length of the loan, or in some cases principle forgiveness. The goal is to help make the monthly mortgage payments more affordable for a homeowner facing financial hardship.
Question 2 How do I know if I am eligible for a loan modification?
The main thing you will need to demonstrate to your lender is that you have the ability to make the new modified payments according to the terms of a loan modification. You will need to provide proof of your income and a financial statement that outlines your income and expenses that shows that you will be able to meet the revised monthly mortgage payments.”"
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