What is the primary purpose of a mortgage modification?

The primary purpose of a mortgage modification is to change the original terms of a mortgage. This process is typically initiated when a borrower is facing financial difficulties and seeks to make their mortgage payments more manageable. Mortgage modifications can involve adjusting key elements such as the interest rate, loan term, or monthly payment amount. These changes can help the borrower avoid foreclosure and stay in their home by making the mortgage more affordable given their current financial situation.

While some alternatives may seem similar, such as eliminating mortgage debt entirely or providing temporary financial aid, these do not reflect the primary goal of a mortgage modification. Eliminating mortgage debt is not a realistic outcome of modification, nor does it accurately capture the purpose of changing the terms. Selling the property to pay off the mortgage involves a completely different strategy, and providing temporary financial aid does not inherently change any of the mortgage terms—thus not meeting the goal of a modification.