mortgage modification

Definition of "mortgage modification"
  1. An option that changes the terms of a mortgage loan to lower monthly payments, possibly by lengthening the loan duration or refinancing
How to use "mortgage modification" in a sentence
  1. After suffering a job loss, Jane sought a mortgage modification to keep her home.
  2. Through mortgage modification, John could lower his monthly expenses.
  3. Mortgage modification can be a lifeline for homeowners facing financial hardship.

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