Mortgage Modification Agreement

The mortgage modification agreement is basically the new contract between you and the mortgage company. When the mortgage holder agrees to some mortgage modification help then they will send out to you a modification agreement. It usually will come in the mail and within that agreement will be the modified details you and your mortgagor have agreed to. Make sure the agreement has the mortgage rate modification option that you and the mortgagor have agreed to. This new mortgage agreement with be the final step in the mortgage modification process. The agreement will have a time period attached to it. Basically the mortgagor will give you a window of say two weeks in which you must sign the agreement and have it sent back to them. Once you sign and send the agreement back to them it will become a binding contract. However don't stop there, you have to keep and eye on your mortgage statements. You must make sure that all the modifications agreed upon make it into their system and show up on your statement. Don't assume that your next statement will have the new modifications and everything is fine. It will take some time so keep and eye on them. Remember once you sign and send the mortgage modification agreement back them it  becomes a new contract and is binding.