1. Do make certain the loan modification company or individual you are working with is licensed with the Utah Division of Real Estate as a loan originator. Loan Modification Lawyers in Ogden, Salt Lake City, and Utah County.The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. A loan modification is a complete re-structuring of your home mortgage. The lender who holds your home mortgage may agree to modify your home mortgage. Struggling to pay your mortgage? Learn how the Flex Modification program works, as well as other options for changing your loan terms. Loan modifications may generally be done if the borrower is having a hard time keeping up with their current loan rates. If your modification agreement was strictly verbal, it is nearly impossible to make a case under the Statute of Frauds. Though the terms of your modification are up to the lender, the outcome is lower, more affordable monthly mortgage payments.