Some Helpful Definitions
Mortgage Modification
If you're facing foreclosure due to not having made satisfactory payments on your mortgage, then being granted a Mortgage Modification may be an available option.
You can request a mortgage modification from your lending institution.
Modifications can be in the term of the loan (number of months to pay), interest rate of the loan, or frequency of payments. Each of these modifications result in a different monthly amount to pay, which sometimes can be a matter of relief to the mortgagor (the borower).