[ad_1] The loan modification process involves a standard method of modifying loans into new affordable monthly payment terms. This is called the Waterfall Method and it is mandated for use under the Treasury Department’s loan workout plan. This plan is called HAMP – for Home Affordable Modification Program. When your lender reviews your application, part of the process will be to determine if your loan and financial circumstances will fit within this method of modification. The loan modification process begins…