Many loans can be modified, and the general process is referred to as loan modification or debt rescheduling.
There may be modifications made at the discretion of the lender or investor. The lender or investor is motivated to offer better terms to the borrower because of the expectation that the borrower might be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) will be more valuable ultimately than the proceeds obtained from a foreclosure sale.
Each mortgage lender or servicer will have different loan modification programs and processes. In addition, often the employees at these companies have little training to handle a loan modification inquiry.This is where getting a loan modification can become very challenging. Seeking expertise in streamlining your loan modification process can often save you a lot of frustration and money.