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• a change in the terms of a loan, usually the interest rate and/or term, in response to the homeowner's inability to make the payments under the existing contract.

  Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition
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  Cite Definition for Mortgage Modification

  American Psychological Association (APA)

  Mortgage Modification. (n.d.). Making Home Affordable Glossary. Retrieved February 3, 2023, from website: http://www.expertglossary.com/definition/mortgage-modification.

  Chicago Manual of Style (CMS)

  Mortgage Modification. www.makinghomeaffordable.gov. Making Home Affordable Glossary. Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program. http://www.expertglossary.com/definition/mortgage-modification (accessed: February 3, 2023).

  Modern Language Association (MLA)

  "Mortgage Modification." Making Home Affordable Glossary. Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program. 3 February. 2023 http://www.expertglossary.com/definition/mortgage-modification.

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