The phrase "a mortgage modification" is correct and usable in written English.
You can use it when referring to a change in the terms of a mortgage agreement, typically to make payments more manageable for the borrower.
Example: "After struggling to keep up with my payments, I decided to apply for a mortgage modification to lower my monthly costs."
Alternatives: "a loan adjustment" or "a mortgage restructuring."
Caldwell: Ranking Member Jordan, I think it's important as we step back and look at the program goals, the program was set out to provide an opportunity for three to four million homeowners to have a chance at a mortgage modification from program inception, which was a year ago, through the end of 2012.
Another possibility, Mr. Glantz said, is a mortgage modification.
She thinks the bank might grant him a mortgage modification.
About six months later, Nationstar finalized a mortgage modification for the Gaineses.
They would have to stop the odious practice of secretly beginning foreclosure proceedings while supposedly working on a mortgage modification.
In some cases, he said, the best a client might be able to do was get a mortgage modification.
As part of its arrangement with the FDIC, Mnuchin's group had agreed to participate in a mortgage-modification program, but community groups charged that the bank was aggressive when it came to foreclosing on homeowners.
The government may put a mortgage-modification effort, called the Home Affordable Modification Program, or HAMP, into overdrive in coming years, pushing for reductions in the principal outstanding on home loans overseen by Fannie and Freddie, Bose George, an analyst at Keefe , Bruyette& Woods, wrote in a note to investors Monday.
A vibrant mortgage modification program is a necessary bulwark against the wave of foreclosures.
After working closely with the Zapatas, the nonprofit sent a new mortgage modification application to GMAC two weeks before a deadline set by the bank, Zapata said.
"Treasury had failed to ensure that the servicers had the necessary infrastructure to support a massive mortgage modification program".
