Section 22 of New York Lien Law requires that any modification of a building loan contract be filed within 10 days after the execution of the modification. This document modifies a loan agreement between a lender and borrower.To apply for a loan modification, you will be required to submit a "complete loss mitigation package. A mortgage forbearance agreement is made between a mortgage lender and a delinquent borrower to bring the latter current on mortgage payments over time. A mortgage modification can extend your mortgage loan term or lower your interest rate which can help homeowners afford payments or avoid foreclosure. Explain why it's in the lender's best interest to modify your loan. A link to a sample hardship letter is listed at the end of this fact sheet. These type of mortgage modifications aren't a product of bankruptcy law, and are available to borrowers inside and outside of bankruptcy. Use this customizable loan modification agreement template to update the terms of an existing lending agreement and keep parties on the same page.