Document background
The Mortgage Modification Agreement is a crucial document used in Hong Kong when parties need to alter the terms of an existing mortgage without creating an entirely new mortgage agreement. It's commonly used during debt restructuring, when borrowers face financial hardship, or when market conditions warrant adjustment of loan terms. The document must comply with Hong Kong's strict property and banking regulations, including requirements from the Hong Kong Monetary Authority and the Land Registry. The agreement typically includes details of the original mortgage, specific modifications being made, and confirmations that other terms remain unchanged. It requires proper execution by all parties and must be registered with the Land Registry to maintain priority and enforceability of the security interest.
