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Loan modification is not new and has been around for many years. What exactly is loan modification? A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time. In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now, borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages. The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage. If you can afford your home and not just your loan, then you may be eligible for a loan modification.