You can modify your existing mortgage through a Loan modification service. When you hire this service, your lender will be contacted in order to obtain the best modification for you. The type of modification that can be obtained is dependent on the terms and conditions of the loan. A proper examination of the terms and conditions is necessary before the lender is approached. This will enable them to prepare an appropriate hardship letter that will explain to the lender why the borrower requires a modification of the loan.
Most financial institutions prefer this option because they will lose less money if the borrower continues to make payments on the mortgage. Once an agreement has been reached, the loan modification service will work with the financial institution to draw up the details of the new conditions of the loan. Your chances of getting a modification will be greatly increased if you find a service that has a lot of experience.