This document allows for the borrower and the lender to amend and supplement the mortgage, Deed of Trust or Deed to Secure Debt concerning the real and personal property described in the document.
It’s not required, but having a lawyer can be helpful, especially if your situation is a bit tricky. They can guide you through the process like a trusted friend.
The timeline can vary, but it usually takes a few weeks to a couple of months. It's a waiting game, so be patient and keep in touch with your lender.
Not necessarily. If you’re already behind on payments, a modification might actually help your score by getting you back on track.
You might want to modify your mortgage if you’re having trouble making payments, or if interest rates have dropped and you want to lower your payment.