There is no mortgage modification loan. The definition of a mortgage modification is to change the terms or one of the terms of a current loan that is already in place. If someone is trying to sell you a mortgage modification loan from the mortgage modification companies out there then be very weary of them. A new loan is just that a new loan and attached to it are all the fees associated with a new loan.  The least expensive way to get lower payments which is the end goal here, is to try and get a mortgage loan modification from your current mortgage holder.