mortgage modification

mortgage modification
mortgage modification UK US noun [C or U] FINANCE, PROPERTY
an agreement between a lender and a borrower to change the way a mortgage is paid back: »

We give advice on how to negotiate a mortgage modification with your lender.


Financial and business terms. 2012.

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Look at other dictionaries:

  • Mortgage modification — 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. Contents 1 Background 2 Types of… …   Wikipedia

  • Mortgage fraud — is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In United States… …   Wikipedia

  • Mortgage servicer — A mortgage servicer is the company that borrowers pay their mortgage loan payments to. Mortgage servicers either purchase or retain mortgage servicing rights that allow them to collect payments from borrowers in return for a servicing fee. The… …   Wikipedia

  • Mortgage duration — A modification of standard duration to account for the impact on duration of MBSs of changes in prepayment speed resulting from changes in interest rates. Two factors are employed: one that reflects the impact of changes in prepayment speed or… …   Financial and business terms

  • mortgage duration — A modification of standard duration to account for the impact on duration of MBSs of changes in prepayment speed resulting from changes in interest rates. Two factors are employed: one that reflects the impact of changes in prepayment speed or… …   Financial and business terms

  • Loan modification in the United States — Loan modification, the systematic alteration of contactual mortgage loan agreements, has been practiced in the United States since the 1930s. During the Great Depression loan modification programs took place at the state level in an effort to… …   Wikipedia

  • Home Affordable Modification Program — The Home Affordable Modification Program, also known as HAMP, is a federal program of the United States, set up to help eligible home owners with loan modifications on their home mortgage debt. It is being set up in the context of the ongoing… …   Wikipedia

  • Subprime mortgage crisis — Part of a series on: Late 2000s financial crisis Major dimensions …   Wikipedia

  • Home Affordable Modification Program - HAMP — A loan modification program introduced in 2009 to promote stability in the housing market. The Home Affordable Modification Program (HAMP) was aimed at helping homeowners who were devoting more than 31% their of gross income toward mortgage… …   Investment dictionary

  • Loan Modification Specialist — A mortgage specialist who deals specifically with loan modifications. Loan modification specialists work with borrowers who are close to or have defaulted on their mortgage. A loan modification is simply an adjustment made to the terms of the… …   Investment dictionary

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