CHAPTER 6.04. Modifications

• Jurisdiction: United States

6.04. Modifications

Modifications of a mortgage follow normal contract principles, although the effect of a modification on security interests and priorities is governed by statute. The modification must be in writing, as the statute of frauds bars an oral modification of a mortgage.⁹⁸ There must be consideration for the modification of a mortgage.⁹⁹ Consideration can be a benefit to the promisor or detriment to the promisee.¹⁰⁰ Except for a modification that increases the maximum stated principal amount of the obligations secured by the mortgage, a mortgage may be modified without affecting its original lien priority.¹⁰¹ However, an...