Minnesota Housing Finance Agency, a public body corporate and politic of the State of. Modifying a mortgage may be available if a homeowner can show that he or she can afford a reduced payment.1. Read the Loan Modification and Extension Agreement thoroughly. Fill out the paperwork thoroughly, and send loss mitigation the requested information promptly. Struggling to pay your mortgage? Learn how the Flex Modification program works, as well as other options for changing your loan terms. The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. Extensions and Renewals. Our lawyers have spent years negotiating with banks about mortgage workouts in the Twin Cities and throughout Greater Minnesota. Mortgage modification scam artists charge large, up-front fees and often fail to deliver on the promised services.