Tuning the band gap is of utmost importance for the practicality of 2D materials in the semiconductor industry. In this study, we investigate the ballistic transport and the tunneling magnetoresistance (TMR) properties within a modulated gap in a Ferromagnetic/Normal/Ferromagnetic (F/N/F) phosphorene junction. The theoretical framework is established on a Dirac-like Hamiltonian, the transfer matrix method, and the Landauer-Büttikerr formalism to characterize electron behavior and obtain transmittance, conductance and TMR. Our results reveal that a reduction in gap energy leads to an enhancement of conductance for both parallel and anti-parallel magnetization configurations. In contrast, a significant reduction and redshift in TMR have been observed. Notably, the application of an electrostatic field in a gapless phosphorene F/N/F junction induces a blueshift and a slight increase in TMR. Furthermore, we found that introducing an asymmetrically applied electrostatic field in this gapless junction results in a significant reduction and redshift in TMR. Additionally, intensifying the applied magnetic field leads to a substantial increase in TMR. These findings could be useful for designing and implementing practical applications that require precise control over the tunneling magnetoresistance properties of a phosphorene F/N/F junction with a modulated gap.