Request a change in your loan payment terms: Loan Modification Letter

A Loan Modification Letter is written to your mortgage or loan provider to request a permanent change in your loan payments. A typical Loan Modification Letter outlines your situation before the financial hardship occurred, and then describes your current financial situation and why you are unable to adhere to your original loan terms. Some common reasons for writing a Loan Modification Letter include injury, loss of job, economic downturn, an illness to you or a family member, etc.

Making a Loan Modification Letter allows you to seek relief from your lenders when your financial situation changes. Unlike a forbearance, which is typically temporary, a loan modification permanently alters your loan payment plan and is a long-term solution if you do not think your financial situation will improve. A Loan Modification Letter can be used for business or personal loans.

• You have suffered a loss of income and want to amend your loan payment.
• You recently lost your job and cannot continue making your current monthly loan payments.
• Your business has experienced a loss in revenue and you need to request relief.
• You have exhausted all other financial resources and need new loan terms.

If you already have a Loan Modification Letter and want to have it reviewed, or if you have questions about creating or using one, there are a few ways to get help.

Use Rocket Copilot to ask questions or review your document; this helps you better understand what it says and identify anything that may need a closer look.

If you are looking for help from a Legal Pro, you can also ask a question and receive a response within one business day, or request a more in-depth document review.