0
Each state has different regulations on who can do a loan modification. Check with the regulatory agency in your state. Usually it is the regulatory agency for banks and financing or real estate.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Are fees paid for a loan modification tax deductible?
no you have to claim it as income
If on loan modification can they still report you late?
Yes if this is a "trial modification". Once the modification is finalized and you make the agreed upon payments on time, it will report as paid on time.
Can title insurance be transferred when refinancing a mortgage?
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
Is a closing agent required for a loan modification in New York?
The answer is no. I am a Certified Signing Agent and I am also a Loan Modification Consultant, but that does not mean that I need to be one in order to become a loan modification consultant. Glena
Can I qualify for a loan modification regardless of my Loan Type ?
A loan modification is up to the discretion of the lender. The type of loan doesn't really matter as much as the willingness of the lender to work with you.
Can a mortgagee include late charges on loan modification?
No because a loan modification is set in place to give the client a fresh start. The client should waive all the late fees that he/she had before the loan modification.
How do you get loan modification?
You have to apply to your lender for a loan modification. Some people use attorneys to make application on their behalf, and others choose to go the "do it yourself mortgage modification" route. If you decide to do your own home loan modification, make sure you get your paperwork correct. You need to know precisely what your lender requires, otherwise your application will be rejected. It may be a good idea to buy a loan modification system that can show you, step by step, how to go about the loan modification application.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
Which companies offer mortgage loan modification?
"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."
Who can provide Loan Modification Success?
No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.
How do you do a loan modification to your loan?
When facing a foreclosure or something of that nature, you have to make a loan modification so that it doesn't affect any other financial firms or accounts you have. So you will have to visit www.modificationhelpnetwork.com
How can you fill an application on line for a loan modification for Bank of America?
Hello, I want to fill a loan modification application online for bank of America asap.
