Home loan modification is the reinstatement of the mortgage to make it affordable for borrowers by reducing the interest rate or monthly installments, increasing the length of the payment period or allowing a different type of loan. A loan modification may include one or may have a combination of all the above-mentioned provisions. Homeowners facing the financial hardship that could lead to a foreclosure may work a mortgage loan modification submitting a hardship letter. You have to demonstrate financial hardship to make them believe that you earnestly can’t make the mortgage payments in current circumstances. You will need to submit a well-crafted hardship letter that proves your inability to make the payments.