A loan modification is the process in which a lender changes the terms of a loan. The goal of a loan modification is to help a borrower avoid foreclosure. Lenders are never anxious to make less money on a mortgage so normally the only time the agree to modify the terms of a loan is when they are forced to choose between that option and an even more expensive option for them like foreclosing on a home.
In order to seek a loan modification borrowers should contact their lender and request a modification. But because it is so difficult to obtain a loan modification some borrowers seek professional help in the process. Professional loan modification companies use their legal expertise and experience to assist borrowers in obtaining a loan modification. As with any service, it pays to shop around while investigating loan modification companies.
Good luck in your loan modification efforts.