Mortgage modification refers to the process of making permanent changes to the terms of an existing loan agreement between a borrower and a lender. This is intended to make the loan more affordable for the borrower to avoid foreclosure.
Partial Payment is a payment that is less than the required monthly mortgage payment. Normally, lenders do not accept partial payments, but a lender may make exceptions during times of difficulty.
Perpetuity refers to a condition of endless or indefinite duration, commonly used in finance and real estate contexts to describe ongoing income streams or property rights.
