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A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Question 3: Can a mortgagee include late charges in the Loan Modification? Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification. If you have more question about LOAN MODIFICATION simply visit the website http://www.usloanrecovery.com/cl