Loan Modification - Frequently Asked Questions - 10/23/08 09:07 AM
- Reprinted from HUD web site.
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
 Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.
Question 2: May a mortgagee perform an interior … (1 comments)

 
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Chuck Webb

Charlotte, NC

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Wilkinson & Associates

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