Real Estate Glossary

What is Modification?

A modification refers to a change made to the terms of a loan, typically a mortgage loan, in order to make the loan more affordable for the borrower. This can include changes to the interest rate, the length of the loan, or the amount of the payments. Modifications are often used to help borrowers who are having trouble making their payments due to a change in their financial situation, such as a loss of income or an increase in expenses.