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It allows for the mortgage to be changed after the fact. The modification can be of use to those facing foreclosure who want to continue making payments but can't satisfy the original agreement.
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∙ 12y ago
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Are you required to repay your mortgage company the monies it reduced your mortgage on a loan modification the federal government endorsed to help homeowners who were having trouble paying their mort?
Common sense says absolutely not. However, this question would be answered in the fine print of any documents the borrower signs as part of the modification agreement. The borrower should read that agreement carefully before signing.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
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."
How can a cosigner be completely removed from a mortgage?
The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.
Can a loan modification release one of the borrowers along with a quit claim deed?
You need to discuss that question with your lender. Only the lender can release a borrower from their obligation. That is generally done by a payment in full of the mortgage and a refinancing in the other borrower's name alone.
What are some government programs for mortgage modification?
There are various programs the government offers for mortgage modification. A few programs available from the government to modify your mortgage include Obama's loan modification program and HUD.
Can a co-borrower be removed with a loan modification?
If the lender agrees to it.
A borrower in a mortgage transaction is called?
mortgagor
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
What is expandable mortgage?
An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
Can you change the length of a mortgage in America?
Technically, yes. Mortgage loans are secured by a note and deed of trust that state the length of the loan. A lender and borrower may agree to alter this term and sign a loan modification. This most commonly occurs when the borrower has difficulty paying the loan and the term is extended to make the payments more affordable. There are regulatory restrictions to how long certain mortgages can be stretched out; for example, you can't get a 50 year second mortgage.
How do you remove someone as a co-borrower on a mortgage?
Refinance the lending agreement without the person's being a participant.
