what does mortgage modification mean modification mean
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. mortgagee and mortgagor).In general, any loan can be modified, and the general process is referred to as loan modification or debt rescheduling.ortgage 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. mortgagee and mortgagor).