 TITLE: How to Lower Monthly Mortgage Payments CONTENT: Request a Mortgage Loan Modification\n------------------------------------\nA mortgage loan modification may be another way to lower your monthly mortgage payment without refinancing. However, while recasting might work for people who can make extra payments, loan modification is generally for people who are struggling to afford their payments.\nIf you're having financial trouble, reach out to your loan servicer immediately, ideally before you miss a payment, to ask about hardship options. For example, a mortgage forbearance could allow you to skip a few payments if you're experiencing a short-term setback. A loan modification is a more medium- to long-term solution as it permanently modifies the terms of your loan.\nExamples of loan modifications include extending your repayment period to lower your monthly payment, decreasing the loan's interest rate or (less commonly) reducing your loan's principal balance. END