Mortgage Modifications

Mortgage modifications are adjustments made to the terms of an existing mortgage, typically to make monthly payments more affordable for the borrower. This can involve lowering the interest rate, extending the loan term, or reducing the principal balance. Modifications are often sought by homeowners facing financial difficulties, such as job loss or unexpected expenses, to avoid foreclosure. The process usually requires the borrower to apply through their lender and demonstrate the need for assistance. If approved, a modified mortgage can provide significant relief and help homeowners stay in their homes.