The Real Estate Encyclopedia
Mortgage Modification
Category - Real Estate Glossary - Real Estate Terminology
If a homeowner's income has been unexpectedly reduced and they cannot pay the current mortgage amount, but have the ability to pay a reduced amount, a lender may offer a mortgage modification. Under a mortgage modification, a homeowner may be able to refinance the debt and/or extend the term of your mortgage loan. Qualification will depend upon submitting proof of reduced income and ability to pay a lesser loan payment.

Real Estate Glossary - Real Estate Terminology
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