What is MORTGAGE MODIFICATION?

Mortgage borrower relief option to alter mortgage contract terms. Primarily for borrowers unable to make the mortgage payments under original mortgage contract terms. Refinancing or extending loan terms to reduce the monthly payment amount are the typical methods used.

More On This Topic



Link to This Definition
Did you find this definition of MORTGAGE MODIFICATION helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary