The ‘Uniform Mortgage Modification Act’ model would enable homeowners and lenders to modify key mortgage terms (such as extending the loan’s maturity date or reducing the interest rate) without having to refinance or replace the original loan. These updates could be made without disturbing the mortgage’s existing priority, preserving its legal standing relative to other claims on the property. The bills have recieved bipartisan support across the country, and have been enacted in previous sessions in Utah and Nevada. Recently, the uniform bills have unanimously passed their chambers of origin in Washington and Wyoming.
FOCUS will continue to monitor ‘Uniform Mortgage Modification Acts’ in state legislatures across the country.
