The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. A loan modification agreement is a legal contract between a borrower and a lender where alterations are made due to the borrower's inability to repay that loan.Fill out this order form completely (except for the judge's signature). A loan modification agreement is used when a lender and borrower elect to modify the terms of a pre-existing promissory note. Fill out and receive on the spot a copy of a Final Walk-thru. Be sure to fill out form and receive a copy within 48 hours of move-in. Use this customizable loan modification agreement template to update the terms of an existing lending agreement and keep parties on the same page. If you are interested in being contacted when future opportunities arise, sign up to stay informed.