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Loan Modification Agreement
Free loan modification agreement template — changes the terms of an existing loan (rate, payment, or term) by mutual agreement.
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This free loan modification agreement covers 1. Background, 2. Modified Terms, 3. Arrears (if any), 4. No Other Changes, 5. Acknowledgment with 4 clearly marked [placeholder] fields to fill in — built for small businesses and individuals documenting a loan or expense putting financial terms in writing so both sides have a clear, shared record. Copy it into your own word processor, fill in the placeholders, and review it — or adapt it — before use. It's part of docstoc's free document template library, alongside business, legal, real estate, finance, and HR templates. Every template here is free to copy with no signup required, and each one carries a plain disclaimer: this is a starting point for informational purposes, not a substitute for advice from a licensed professional in your jurisdiction.
Loan Modification Agreement
Lender: [Name] Borrower: [Name] Original Loan: [Reference — date and amount of the original loan/note] Modification Date: [Date]
1. Background
The parties entered into the original loan agreement referenced above. This Agreement modifies its terms as follows.
2. Modified Terms
| Term | Original | Modified |
|---|---|---|
| Interest rate | [%] | [%] |
| Monthly payment | [Amount] | [Amount] |
| Maturity date | [Date] | [Date] |
3. Arrears (if any)
[If the borrower was behind on payments: "Past-due amounts of $[Amount] are added to the principal balance / forgiven / to be paid as follows: ___."]
4. No Other Changes
Except as modified above, all other terms of the original loan remain in effect.
5. Acknowledgment
Borrower acknowledges the loan remains valid and enforceable as modified.
Lender: ______________________ Date: ____________ Borrower: ______________________ Date: ____________
*This document is provided for informational and educational purposes only and does not constitute legal advice. For a mortgage specifically, loan modifications are heavily regulated (especially loss-mitigation rules for owner-occupied homes) — work through your loan servicer's official modification process rather than a standalone agreement for that case.*
Edit directly in the box above. Download PDF anytime — the docstoc.io footer is always included and cannot be removed.
What's included
- Edit online — click the document, fill in placeholders, download a PDF
- 5 standard sections: 1. Background, 2. Modified Terms, 3. Arrears (if any), 4. No Other Changes, 5. Acknowledgment
- 4 clearly marked [placeholder] fields for quick personalizing
- Free to use — no account or signup required
- Fully editable — adjust any clause to match your actual situation
- Includes a signature block, ready to print or sign digitally
- Fixed docstoc.io footer on every PDF (not removable)
Who this template is for
Freelancers & solo founders
Handling routine business paperwork without commissioning custom legal drafting for every document.
Small businesses
Standardizing recurring documents — leases, agreements, notices — across a growing operation.
Anyone reviewing before signing
Using a clear starting structure to understand what a document should cover, even if a lawyer finalizes it.
Informal lending & reimbursements
Money changing hands between people or a business and its team, without a bank's paperwork.
FAQ
Is this loan modification agreement template really free?
Yes. Like every template in docstoc's library, this loan modification agreement is free to use, with no account or signup needed to view, edit, or download it.
What does this loan modification agreement cover?
This finance template includes 1. Background, 2. Modified Terms, 3. Arrears (if any), 4. No Other Changes. Fill in the [bracketed] placeholders, edit any clause online, then download a PDF — the docstoc.io footer stays on every export.
Is this legal advice?
No. This covers the standard structure, not the interest-rate limits, disclosure requirements, or tax implications that can apply depending on your state and the amount involved. Check those specifics with an accountant or financial attorney before you rely on it.
Can I edit the wording?
Yes. All 4 placeholder fields and every clause are editable right on the page — change what doesn't fit, then download an updated PDF anytime.
Where can I find more free templates like this?
Browse more free finance and related document templates in the docstoc library at /document-templates/.
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