Many homeowners pursue a loan modification as a method to delay a foreclosure. Often times the lender will make you current on your loan by establishing a second lien on your home equal to the amount you were behind on your mortgage. A loan modification may also result in a significantly increased total loan payoff with penalties, legal fees and a lengthened lending period. Finally, a loan mod will most likely result in a higher monthly payment. During the loan modification trial period if you miss a single payment by a single day your lender will immediately foreclose.