Mortgage Modification

Mortgage modification is a process where a lender and borrower agree to change the terms of an existing mortgage. This may involve altering the interest rate, extending the repayment period, or reducing the loan balance to make monthly payments more affordable. People often seek modifications when they face financial difficulties, such as job loss or unexpected expenses, and struggle to keep up with their mortgage payments. The goal is to help borrowers avoid foreclosure while allowing lenders to recover their investments more effectively. It’s an option to create a mutually beneficial solution.