modification agreements

A modification agreement is a formal change to the original terms of a loan or contract, typically between a borrower and a lender. It adjusts aspects such as payment amounts, interest rates, or repayment schedules to better suit the borrower's current financial situation or to avoid default. This agreement is legally binding once signed by both parties, ensuring they understand and agree to the new terms. It helps manage financial challenges collaboratively, offering flexibility without requiring a new loan or contract.