Document background
The Mortgage Modification Agreement is used when parties to an existing mortgage in Singapore need to alter their original arrangement due to changed circumstances, such as financial hardship, interest rate adjustments, or restructuring requirements. The document must comply with Singapore's strict regulatory requirements, including MAS guidelines and relevant property laws. It typically includes modifications to payment terms, interest rates, loan duration, or other key provisions while ensuring the original security remains intact. This agreement is particularly relevant in times of economic change or when borrowers require payment flexibility.
