Anyone knows about ways of loan modification?

I guess the three ways usually loan modification takes place are 1. making changes to interest rate 2. principal can be reduced 3 .Payment term can be extended. The first and third are the most common types. Also it depends on your credit score.

I am not sure what you are asking here, but with loan modification as the phrase implies, you are modifying your existing loan (which you probably cannot afford anymore) to one which has more favorable and affordable terms. You can either do it yourself, or hire professional companies to call your mortgage lender or servicer on your behalf and negotiate your new loan. Hope this helps.