Mortgage Interest Modification?

[Account Closed]

We talked to our bank about refinancing our main home and they offered to modify our loan instead by just reducing the interest.  No changes in terms other than the interest.

I'll find out more in a few days but in the mean time, I wonder if anyone here might be able to shed some light on this type of modification.  What I might need to ask when I go back, or watch our for?