Getting a mortgage to buy a home is a major commitment for the borrower, and also changes in rates of interest or the homeowner’s financial situation can make it difficult to repay a mortgage. Mortgage modification is one alternative for reducing monthly payments and preventing foreclosure without doing too much damage to the debtor’s credit history. What’s Mortgage Modification? Mortgage alteration is a process where a mortgage lender and borrower agree to change the original provisions of the mortgage loan as listed in the mortgage agreement. Any sort of change qualifies as mortgage modification, even though most frequently borrowers request modification to reduce the amount of monthly payments without defaulting, which occurs when a borrower misses a payment. Defaulting on a mortgage allows the lender to pursue foreclosure, which can lead to the borrower being made to leave the home so the lender can sell it . Are Lenders Obligated…
Mortgage Modification FAQ
