negociate anew; "The two warring parties will have to renegociate"

revise the terms of in order to limit or regain excess profits gained by the contractor; "We renegociated our old mortgage now that the interest rates have come down"

to legally revise the terms of a contract

To change the terms and conditions of a mortgage agreement prior to maturity. Renegotiation occurs with the lender who currently holds the mortgage.