A Mortgage Modification Agreement is a contract between a lender and a borrower that changes the terms of an existing mortgage loan. The agreement modifies the interest rate, payment schedule, loan term, or other terms of the loan in order to make it more affordable for the borrower. Mortgage Modifications can be used to help a borrower avoid foreclosure, or to make the loan easier to manage. There are two types of Mortgage Modification Agreements: loan modifications and repayment plans. A loan modification permanently changes the terms of the loan, such as the interest rate, loan term, or payment amount. A repayment plan temporarily changes the terms of the loan but does not reduce the amount owed. Both types of modifications can help a borrower stay current on their mortgage payments and avoid foreclosure.
Modification Agreement
Description Mortgage Modification Form
How to fill out Mortgage Modification Agreement?
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