Loan mods - I'm confused

[Mike]

I've been reading here and want to be sure I uderstand....is a loan modification just an extension on the exisiting ARM terms and rate, or is it a conversion to a fixed rate. I have Indy Mac and want to start the process ASAP. I don't reset till next year, but I have been told to start the process now. And under what circustances will they uusally do it? Does anyone thing this might become the "norm" for a while going forward to try to keep people in their homes? I am surprised it hasn't been done already. And if the home is in my name only,because DH credit is not so great, but file joint taxes, how is that viewed?