Lenders often will offer loan modifications, or they may accept partial or late payments for a limited period as long as the homeowner agrees to eventually catch up. If your mortgage is owned by Fannie Mae or Freddie Mac, you may have additional options to modify your loan. A modification also may involve reducing the interest rate on the loan for a certain period. You will need to fill out a loan modification application and explain the hardship that is preventing you from keeping up with your monthly payments. If you fail to keep up with the reduced payments, the lender can start the foreclosure process again and may not be inclined to offer another modification.