Certain mortgage payment-lowering options may bring financial relief this fall. Here's what owners need to know.

A mortgage modification is when your lender, upon request, changes the terms of your home loan to make monthly payments more affordable.

Loan modifications are a long-term mortgage relief option for borrowers experiencing financial hardship, such as loss of income due to illness. A modification typically changes the loan’s rate ...

A loan modification, on the other hand, is a loss mitigation option you might need to do if you are struggling to make mortgage payments.

One way being discussed to do that is for the government to share in the losses if a servicer modifies a mortgage and the homeowner again defaults. Another approach is to directly help pay for the ...

Mortgage modifications are commonly for borrowers facing financial hardship. They can provide relief by altering the terms of a loan, such as the period of repayment or interest rate.