A loan modification is an agreement with your lender to change the terms of your loan to make the payment more affordable. Your lender may be able to offer you an alternative to foreclosure.A experienced Queens bankruptcy attorney can help you create the terms of a loan modification with your lender to avoid foreclosure or further delinquency. A Mortgage Loan Modification permanently changes the terms of your original mortgage loan. Navigate mortgage modifications with Schlissel Law Firm. Understand options to adjust mortgage terms and avoid foreclosure. A loan modification enables you to negotiate with your lender to reduce your interest rate, extend the loan, or even entirely change the type of loan. Consolidation, Extension and Modification Agreements (CEMA loans) can help New Yorkers save money when refinancing. A loan modification is exactly what it sounds like: a change in the terms of a loan. The objective: achieve a lower, manageable monthly payment.