corrective addendum: A written agreement between a borrower and lender that makes changes to an already existing loan agreement. The changes may be made to correct an error or to reflect a change in terms.
modification agreement: A written agreement between a borrower and lender that changes the terms of an already existing loan agreement. Modifications are often made to lower monthly payments or to extend the loan term.
A corrective addendum is used to make changes to an already existing loan agreement to correct an error. A modification agreement is used to change the terms of an already existing loan agreement. Some changes that may be made include extending the loan term or lowering monthly payments.
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