What Is A Mortgage Modification?

A mortgage modification essentially is an agreement negotiated with your lender to change the terms of your original mortgage loan. Mortgages can be modified in a number of different ways, which may include:

  • Taking your past-due balance and adding it to your current loan amount, and then modifying your repayment terms
  • Lowering your rate
  • Extending your loan term for a longer period, or back to it’s original repayment term
  • Options to reduce your principal balance

Understand that a Mortgage Modification is NOT a mortgage refinance. In that case, your existing mortgage is REPLACED with a new loan. It involves underwriting and an approval process, the same as when you first took out the mortgage in the beginning. A modification represents CHANGES to your existing mortgage. You will retain the same loan, with the same lender, only under re-negotiated terms. ALSO: A Mortgage Modification is NOT the same mortgage forbearance. That is a different agreement wherein your mortgage payments STOP for a period of time based upon certain circumstances of duress, and as law allows.

You will need to consult an experienced attorney in order to review all of the options that are involved in a Mortgage Modification. There are a variety of programs available depending upon whether your mortgage is FHA-backed, VA backed, or through a bank vs. independent lender. At Stohlman Law Firm, LLC we have many years of experience assisting homeowners with a variety of options regarding their mortgage debt and we will assist you in selecting the very best options to get your mortgage, and your home, back on track.


If you are behind on your mortgage payments, we strongly encourage you to call our office for a FREE, NO-OBLIGATION consultation. Together we can review your entire financial situation and look at all options that are appropriate for your case.


Call The Stohlman Law Firm at (863) 603-0856 anytime to discuss your case details.