This fact sheet provides basic information about mortgage modifications and other potential relief for homeowners facing the potential loss of their home. If a mortgage does include a stated interest rate, a modification of mortgage can be recorded, noting the change of interest rate.The Note and Mortgage were subsequently assigned and endorsed to. Minnesota Housing and Minnesota Housing is the current owner of the Loan. This manual is an introduction to the basic principles of recording and filing documents. What Is a Loan Modification? Loan modification is a term that commonly refers to the adjustment of monthly payments on a mortgage loan. Here's some clarity: The deed of trust remains fully in effect, even after the loan modification. The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. Offers to fill out paperwork for you.