The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. This Mortgage and Note Modification and Renewal Agreement (the "Agreement") is executed this 11th day of July, effective the 11th day of July, 2013.The Director has determined that the Loan constitutes an eligible loan under the. A loan modification serves as an efficient way to alter specific loan terms, while leaving other original loan terms intact and enforceable. A loan modification is a procedure which allows you to either permanently or temporarily change the terms of your lending agreement. Assistance can be in the form of a Grant or a. Second Mortgage Loan, in accordance with the Term Sheet as applicable. Bankruptcy Court of the Southern District of Ohio. The MMM Program is an optional program. Depending on the program, you may need to submit a "hardship letter" that details your situation in narrative form.