Establishing the Uniform Mortgage Modification Act

HB 2111, the Uniform Mortgage Modification Act, establishes clear rules for modifying existing mortgages in West Virginia. It ensures that when a mortgage is changed (e.g., interest rate or payment terms), the mortgage's priority over the property remains unchanged, and the modification does not create a new contract ("novation"). The law applies to modifications of the mortgage agreement itself, promissory notes, or related security agreements, but excludes changes to property coverage, obligors, or mortgage assignments. It defines key terms like "mortgage" and "modification" to create consistent legal standards across the state. This bill directly affects lenders, borrowers, and courts handling mortgage modifications in West Virginia.