Mortgage Modification

Concept of Mortgage Modification in the context of Real Property

A short definition of Mortgage Modification: A refinancing plan to help a mortgagor in default. The payment may be reduced if the amount refinanced is lower than the original mortgage amount or the term is extended. A mortgagor may qualify if he/she has recovered from a financial problem and can afford the new payment amount.

Concept of Mortgage Modification in the context of Real Property

A short definition of Mortgage Modification: A refinancing plan to help a mortgagor in default. The payment may be reduced if the amount refinanced is lower than the original mortgage amount or the term is extended. A mortgagor may qualify if he/she has recovered from a financial problem and can afford the new payment amount.