Mortgages

A mortgage modification is a process through which your mortgage lender changes:
Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
Any or all of the above
This process will often allow a borrower who can no longer afford their home at their
current mortgage payment to stay in their property. A mortgage modifi cation is ideal
for homeowners experiencing a rate increase or a salary decrease, placing the mortgage
payments just out of reach.