New York Order Approving Loan Modification is an official court order issued by a judge of the New York Supreme Court in a mortgage foreclosure action. This order is issued when the court is satisfied that the loan modification agreement proposed by the borrower and the mortgage lender is fair, reasonable, and in the best interest of both parties. The Order typically includes the terms of the loan modification, including the new interest rate, principal balance, loan term, and other details. There are two types of New York Order Approving Loan Modification: a Final Order and an Interim Order. A Final Order is the final approval of an application for a loan modification and is required to be issued before the loan modification can be executed. An Interim Order is an interim approval of an application for a loan modification and is issued if the court is satisfied that the loan modification is fair and reasonable, but requires more information or additional documentation from the parties before the Final Order can be issued.