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What do you think about loan modifications?
Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don't have to default on your loan. Banks choose to offer loan modification programs because it is easier and cheaper to work with you than to go after you.
Do you need to have a license for loan modifications?
yes
Can you do a loan modification after a foreclosure?
Have you just received a notice of default or has the house actually been foreclosed on? Loan modifications are something you do to try to avoid foreclosure. Depending on your situation, you may want to consult a loan attorney who specializes in loan mods. I've heard The Castle Law Group is supposed to be excellent. Their website is http://www.castlelawgroup.com. It's actually really informative and explains what loan modifications are and how they work.
What are the loan accounting entries that need to be recorded for this transaction?
The loan accounting entries for this transaction typically include recording the loan amount as a liability and the cash received as an asset. Interest expense and loan repayments are also recorded as the loan is paid off over time.
Can you have two mortgage loan modifications in two years?
It depends on your contract. You need to contact your lender.
What do you think about loan modifications?
Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don't have to default on your loan. Banks choose to offer loan modification programs because it is easier and cheaper to work with you than to go after you.
Do you need to have a license for loan modifications?
yes
Is USDA doing loan modifications to help stop foreclosures?
Yes. The USDA have some modifications and actions done to prevent and stop foreclosures.
How are loan loss provision and loan loss reserve recorded?
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Can you do a loan modification after a foreclosure?
Have you just received a notice of default or has the house actually been foreclosed on? Loan modifications are something you do to try to avoid foreclosure. Depending on your situation, you may want to consult a loan attorney who specializes in loan mods. I've heard The Castle Law Group is supposed to be excellent. Their website is http://www.castlelawgroup.com. It's actually really informative and explains what loan modifications are and how they work.
Can you have two mortgage loan modifications in two years?
It depends on your contract. You need to contact your lender.
What are the loan accounting entries that need to be recorded for this transaction?
The loan accounting entries for this transaction typically include recording the loan amount as a liability and the cash received as an asset. Interest expense and loan repayments are also recorded as the loan is paid off over time.
Where do you get training to be a loan modification consultant?
First, it is important to check with your state and determine if there are licensing requirements. Most states now regulate who can do loan modifications for compensation. This is due to the recent rise in loan modification scams.
Where do loan payments go on the income statement?
Loan payments are typically not shown on the income statement. Instead, they are recorded on the balance sheet as a reduction of the loan liability.
Definition of recorded investment in mortgage loan?
What OCC means when they refer to "recorded investment" in the nonaccrual loans regulations.
What counties in Texas can use a warranty deed with vendors lien?
A warranty deed with a vendor's lien can be recorded in the public records in all counties in Texas (as well as in most other states).
How do you record loan using cash basis accounting?
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.
