A change to the terms of an existing mortgage — typically a lower interest rate, extended term, or capitalized arrears — to help a borrower avoid foreclosure. Negotiated with the lender; takes 60-180 days.
Related terms
Reviewed by John Quigley · Founder, BuyHousesInCash · Last updated May 2026
Selling a house in a hurry?
We close in 7 days. No fees, no repairs, no agent commissions.
Get a Cash Offer →