Mortgage Modification is a good option to save your home from foreclosure or to just make your home affordable. Many homeowners have received forbearance agreements which are temporary solutions and have considered this a mortgage modification. Forbearance agreements are mortgage modifications, but not in the since that the term is used by house counselors.
House counselors generally consider mortgage modifications a permanent solution. When a homeowner receives the a lower interest rate or a payment lowered by $100 or is given terms resulting in a higher payment, but repays the past due balance; a homeowner is typically grateful. This is not the optimal situation for the homeowner, but some are satisfied because of the payment reduction relief or because they of a feeling of self worth for repaying a past due balance.
House counselors would generally get a modification with permanent favorable consequences. Past due payments are placed on the back as a silent second. Silent seconds can also occur if house value has been reduced because of foreclosures in their neighborhood. In most cases, modifications can occur that have the most favorable results with the assistance of a house counselor.