The home modification loans program is a service that can be applied as assistance for individuals facing foreclosure. When a homeowner is facing foreclosure, this usually indicates that they have been affected financially, possibly due to the loss of a job or other comparable hardship. The aim of the home modification loans program is to redirect such homeowners from foreclosure by providing a restructured loan, which is created with hopes of being more affordable to the homeowners circumstances. By means of a home modification, the homeowner can hope to afford their loan, as well as successfully avert foreclosure. To apply for this type of loan modification, homeowners must get in touch with their lenders or other companies with this program. However, not all lenders or will approve the homeowner for modification. If a loan modification is successfully granted, the home loan will likely be restructured through refinancing, allowing a skipped payment, reducing the principal, or adjusting the interest rate in favor of the borrower.