Home equity loan modification is a change in which you have an option to modify your mortgage if you are behind and having difficulty in your payments. This is the loan type wherein the one who borrowed will use the equity in their homes as collateral. This will be sometimes a useful element to facilitate major repairs in the home, college education or medically related bills.This type of loan generates a lien or a security interest against the house of the borrower and the actual home equity will be reduced. This is usually referred to as mortgages because the value of the property is secured against it; just the same as a traditional mortgage. Also, it can be possible to deduct one’s income tax from the home equity loan.The government is giving you options to avoid possible foreclosure in your costs; this is the home equity loan modification. First is to have your payment at your mortgage that is 31% more than your gross income which greatly includes your taxes, your insurances or homeowner dues that you might be paying. This will just show that you are really struggling with your payments. Second is when you use loan modification, this will make your mortgage be in much better shape than you can ever imagine.It will provide you with payments than you can afford and will make sure that you will never lead into foreclosure which in turn, will get back your credits and save your home. And the last thing you would do is to go online and start consulting. You will just fill out some forms about yourself and your status. It includes information about your home equity loan modification and later on, they will call you and give details to help you in saving your home.