Descriptions:
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A transaction in which lender agrees to modify any
or some of the terms of the mortgage. This is a
process where an existing note is modified, but not
cancelled. Changes may include: extending the term
of the loan, changing the monthly payments,
changing the interest rate, etc.
or some of the terms of the mortgage. This is a
process where an existing note is modified, but not
cancelled. Changes may include: extending the term
of the loan, changing the monthly payments,
changing the interest rate, etc.
is a process where the terms of a mortgage are
modified outside the original terms of the contract
agreed to by the lender and borrower (i.e mortgagor
and mortgagee). In general, any loan can be
modified.
modified outside the original terms of the contract
agreed to by the lender and borrower (i.e mortgagor
and mortgagee). In general, any loan can be
modified.
A procedure in which a loan's terms, such as the
interest rate, monthly payment or term, are altered
with the approval of a lender.
interest rate, monthly payment or term, are altered
with the approval of a lender.
a process initiated by the homeowner in order to
change the terms
change the terms
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