Payments and Grace Periods
After Loan Modification

After your loan modification is approved and you have been sent back the signed Mortgage Loan Modification Agreement, what happens to the grace period? Do you get that back when making your payments from this point forward?

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

Generally speaking when you modify a loan you are not canceling the contract that is in place. You are modifying the mortgage loan contract terms.

Only the terms that are modified are changed. The rest of the contract is still in force unless the contract was so poorly written that a modification would void the contract. Now wouldn't that be nice.

So barring some supreme stupidity on your lenders part, if you had a grace period in your mortgage previously it is still there in you contract.

The exception to that is if your mortgage modification agreement specifically changed or canceled the grace period.

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