What is a loan modification?

Video Transcription:

Loan modification is something that allows individuals and assists them with restructuring of their loan to allow them to make payments which may be a little bit more affordable in their situation. In some cases, individuals will have to show that they are in a financial hardship, and they will also have to submit documentation to their mortgage company or their servicer. Finally, they will be required to make trial payment plans pursuant to their proposed loan modification, and they must make the payments timely.