is a great option in this financially crucial situation and this will leave your credit score unaffected whereas late payments and non-repayments will put it down anyway. The only thing is that you should look for the requirements of the bank and qualify for it and for this you will have to contact the bank and find out their prerequisites for the application of loan modification. You can give your financial information to the bank along with your loan number and other details and the bank will let you know the programs and will help select the most suitable one for you.
You will have to provide your monthly household income along with the expenditure, a hardship letter that gives the details of your present financial status and particulars of your mortgage history too. Once your application is approved you will be notified with the details and probabilities of the restructuring of your loan. There are people who will be relieved only by a slight lowering of the interest rate and that will make their loan repayment easier. So considering your situation and the possibilities, the bank will decide and restructure your loan into easy and affordable monthly installments.