Loan Modification is a written agreement between the borrower and their lender that permanently (and sometimes temporarily) changes one or more of the original terms of the note to make the payments more affordable. If a reduced payment can be negotiated (or even a fixed interest rate) this could be the option that provides the remedy you seek. The most common loan modifications include:

   * Adding missed payments to the existing loan balance
   * Making an adjustable-rate mortgage into a fixed-rate mortgage
   * Extending the number of years you have to repay
   * Temporarily reducing your interest rate