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Loan Modification Attorney asked:

You know what a mortgage is, how it works, and what to watch out for. But when you go asking for mortgage assistance, your lender’s words make about as much sense as alien banter. That’s what makes the Loan Modification process so confusing for many homeowners—and why many of them simply give up.

But you don’t have to be a financial expert to make sound decisions. A working knowledge of the lending and loan modification industry can help you better understand your situation, and know exactly what your lenders mean. Below is a list of terms you’re likely encounter in a loan modification, and what they mean for you.

Amortization: The repayment of a loan (usually a mortgage) through regular installments. The payments are determined by the term of the loan, the principal balance, and the interest rate.

Annual Percentage Rate (APR): The total cost of the loan, including the interest, mortgage insurance, points, and other associated fees.

Adjustable-Rate Mortgage (ARM): A type of mortgage in which the interest rate changes according to market conditions. This means your payments may increase or decrease from month to month. Most ARMs have a payment cap that keeps the amount from rising beyond certain levels.

Debt-to-income ratio (DTI): The ratio of the amount you pay on the loan to your total income. Lenders use this to determine whether or not you can comfortably pay the loan. According to the Federal Housing Administration (FHA), the mortgage payments should not exceed 29% of your monthly income before taxes, and your total debt (including credit cards and other loans) should not go over 41%.

Deed-in-lieu: A deed that passes interest in your property to your lender as settlement for your debt. It doesn’t let you keep your home, but it helps you avoid the foreclosure proceedings and associated costs.

Equity: The amount of financial interest you have in your own property. This is calculated by subtracting the amount you still owe from your home’s fair market value.

Fair market value (FMV): A theoretical price given to your home considering the current market conditions. The FMV assumes that the buyer and seller are acting freely and have all the pertinent information for the deal.

Fixed-rate mortgage: A type of mortgage that uses a fixed interest rate throughout the term of the loan. This gives you more stability as a borrower, as your payments will remain the same regardless of the market figures.

Foreclosure: A process wherein your property is sold off and the proceeds go to your lender, allowing them to recover their losses when you default on the loan.

Forbearance: An agreement in which your lender revises your payment plan to help you get current and avoid foreclosure. This may involve lowering your monthly payments or suspending them for a given period. Unlike loan modification, this is usually temporary and is often used as a loss mitigation option.

Good faith estimate (GFE): An estimate of the total cost of the loan, including all the closing fees, lender charges, and insurance costs. All lenders are required to give you a GFE within three days after you apply for a loan.

Interest: A percentage of the principal added to your monthly fees, as a way of paying your lender for the use of money.

Interest Only: A loan structure in which you only pay interest for the life of the loan, and pay the principal only after a given period.

Lien: A claim held by your lender against your property as a form of security in case you default on the loan.

Loan-to-value ratio (LTV): The ratio of the total amount you pay on the loan to the actual price of your home. The higher the LTV, the less you have to put out as down payment.

Loss mitigation: A process that helps borrowers to avoid foreclosure and lenders to minimize their losses on delinquent borrowers. When you fall behind or apply for a loan modification, your lender’s Loss Mitigation office will handle your case and make the decisions.

Mortgage banker: A firm that resells loans to secondary lenders, such as Fannie Mae and Freddie Mac.

Mortgage broker: A person or company that serves as a mediator between agents, buyers, sellers, and mortgage lenders. Brokers are paid by a percentage of the amount earned by the lender or seller. Lenders are required by law to disclose all fees paid to brokers and other parties, so you can be sure they’re not making kickbacks at your expense.

Mortgage insurance: An insurance policy that helps minimize losses for your lender in case you fail to keep up with payments. This is usually required for borrowers who make a down payment lower than 20% of the purchase price.

Principal Balance Reduction: A type of loan modification in which your lender reduces your principal balance to lower your monthly payments. Lenders usually grant this only to people from heavily depreciated areas, or when the amount they write off is still lower than the cost of foreclosing on your home.

Refinancing: A process wherein you take out one loan to pay off another. This allows you to enjoy better loan terms, such as a lower interest rate or a more stable structure.

RESPA: Real Estate Settlement Procedures Act. This is a law that requires all lenders to give you a Good Faith Estimate (GFE) of the loan and disclose all the fees involved. It also gives you the right to dispute any fees or even cancel the loan within a reasonable time frame.

Short sale: A common alternative to foreclosure. In a short sale, you sell the home for less than its fair market value, and give the proceeds to your lender as payment for the home. Although it won’t let you keep your home, it’s less damaging to your credit than a foreclosure.

Teaser Rate: An introductory interest rate offered on many mortgages to draw in borrowers. After the introductory period, the interest reverts to normal rates, increasing your monthly payments for the rest of the loan.

Teaser Rate: A temporary rate reduction at the inset of a loan.

TILA: Truth in Lending Act, also known as the National Consumer Credit Protection Act. This law requires lenders to give you complete information about the terms and total cost of the loan.

Loan Modification vs Refinancing

Mark Hodges asked:

The main reason is that the loan modification industry is currently flooded with ex mortgage brokers, loan officers and real estate agents that jump in with no knowledge of the law and little savy in the negotiating department.

Mortgage brokers and loan officers that jumped into the mortgage industry at the time of the refinance boom had little to do with closing a deal. It was like taking candy from a baby. Rates dropped to historic lows, underwriting guidelines were lowered, and required documentation was very little or none at all. Who could not close a loan with those conditions?

Mortgage brokers and loan officers that jumped into the mortgage industry at the time of the refinance boom had little to do with closing a deal. It was like taking candy from a baby. Rates dropped to historic lows, underwriting guidelines were lowered, and required documentation was very little or none at all. Who could not close a loan with those conditions?

Now these over confident mortgage professionals are flooding the loan modification industry with the true belief that they know the industry and can negotiate a better mortgage on behalf of homeowners facing default. In reality most are looking for a quick way to earn an income during a big down turn in the mortgage industry. Their focus is not on helping the homeowner to the fullest extent, but on getting paid for their services.

Mortgage loans weren’t modified aggressively enough to make them affordable to troubled borrowers, Richard Moody, chief economist at Mission Residential says. “In other words, when they underwrite these mortgages, they are underwriting them at a principal and interest maybe upwards of 40% of monthly income,” he says, “as opposed to what would be a more normal 30% or 32%.” Such loans might be significantly more affordable than they were originally, but the payments could still be too costly for distressed borrowers.

Many loan modification experts are recommending that homeowners only seek a loan modification from an experienced loan modification attorney. A loan modification attorney or an attorney in general has taken an oath to serve you the best they can. Their experience on the legal side of real estate transactions gives them the knowledge and power to negotiate the best modification terms.

Do not get stuck with loan modification terms that will lead you right back to foreclosure. Consult a loan modification attorney today.

Mortgage brokers and loan officers that jumped into the mortgage industry at the time of the refinance boom had little to do with closing a deal. It was like taking candy from a baby. Rates dropped to historic lows, underwriting guidelines were lowered, and required documentation was very little or none at all. Who could not close a loan with those conditions?

Now these over confident mortgage professionals are flooding the loan modification industry with the true belief that they know the industry and can negotiate a better mortgage on behalf of homeowners facing default. In reality most are looking for a quick way to earn an income during a big down turn in the mortgage industry. Their focus is not on helping the homeowner to the fullest extent, but on getting paid for their services.

Mortgage loans weren’t modified aggressively enough to make them affordable to troubled borrowers, Richard Moody, chief economist at Mission Residential says. “In other words, when they underwrite these mortgages, they are underwriting them at a principal and interest maybe upwards of 40% of monthly income,” he says, “as opposed to what would be a more normal 30% or 32%.” Such loans might be significantly more affordable than they were originally, but the payments could still be too costly for distressed borrowers.

Many loan modification experts are recommending that homeowners only seek a loan modification from an experienced loan modification attorney. A loan modification attorney or an attorney in general has taken an oath to serve you the best they can. Their experience on the legal side of real estate transactions gives them the knowledge and power to negotiate the best modification terms.

Do not get stuck with loan modification terms that will lead you right back to foreclosure. Consult a loan modification attorney today.

Loan Modification

Loan Modification Attorney asked:

Lenders are known to be difficult when it comes to loan modifications. But did you know that they benefit at least as much from the process as you do? The main reason they balk at Mortgage Modification is that they have to train agents to handle them, and each case requires individual attention. But it also saves them a good deal of time compared to foreclosure, and may even have a few long-term benefits. Here are some good reasons why your lender might prefer a loan modification over a foreclosure.

It’s faster and cheaper. In a foreclosure, there are specific wait times that allow the borrower to get current with their mortgage. It’s not uncommon for the process to drag on for almost a year. These delays can cost your lender a good deal of money. A loan modification, on the other hand, takes an average of 30 to 60 days. All they have to do is go over your documents, talk to your loan modification attorney, and see if you qualify. The negotiations are the hardest part, but they don’t cost quite as much as foreclosure expenses.

It’s less work. To start the foreclosure process, your lender will have to assess late charges, file a Notice of Default, pay heavy lawyer fees, and arrange an auction to sell your home. And if you manage to get back on track and stop foreclosure, all the work simply gets filed away. Loan modifications involve less work on their part. You and your  Loan Modification Attorney will do most of the work and provide most of the documentation. Often, all they have to do is assess your case and decide what kind of mortgage assistance you will need.

It helps keep investors. Foreclosures are as damaging to your lender as they are to you. It may benefit them for now, but with the recent housing bubble, it will eventually weigh them down. Investors don’t want to deal with banks that have too many foreclosures on record. If they grant you a loan modification instead, your payments will keep showing up on their records instead of being written as bad debt.

Of course, this doesn’t make it any easier to get what you want from your lender. After all, you’re still a liability—and it’s important to prove that you can get back on your feet. To get the best loan modification deal, you need a good lawyer who knows the what lenders need and can convince them that it’s the wiser choice to settle a loan modification.

Loan Modification

Adam Matheson asked:

The mortgage crisis has many homeowners becoming very anxious to get rid of a unaffordable home loan due to a number of reasons. Some solutions for homeowners are to either refinance or get a loan modification from their bank or lender. Since home values have been decreasing some homeowners simply walked away or were unsuccessful in modifying their home loan. Here are some valuable steps to get you the desired results in your favor.

1. How do I determine if I am eligible for a home loan modification? 

If you can show evidence to your lender or loan servicing company that you have experienced a financial hardship, such as an adjustable rate loan that is about to reset to a higher rate, plus you currently have the income to afford a lower loan payment if given the mortgage loan modification, you are eligible.

2. OK, what hardships are acceptable? 

Although each hardship is determined separately, the lender will usually consider these to be honored:  a death in family, loss of employment or less hours, relocation for work, medical problems (hospitalized, bills), divorce, separation.  Homeowners will need to write a hardship letter to the lender explaining their overall circumstances to the bank.

3. Am I eligible for a loan modification if I owe more on my house that it is worth?  This actually helps your case and should work in your favor, because a home value that is substantially less than the current market value will make the lender sway away from foreclosing as they could lose even more money approximately $30,000 per foreclosed home.  So keeping you in your house and making payments may be the best solution for all parties involved.

4. I have contacted my lender but they will not discuss my situation until I am behind on my payments?  Each lender has different policies for prioritizing their mortgage loan modifications. Most of the time homeowners who are confronting foreclosure are being assisted first.  However, many lenders are starting to communicate with borrowers who will face adjustable rate loan increases in the near future

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5. What about these mortgage loan modification companies claiming they provide me the best opportunity for a loan modification?  The majority of loan modification companies are new companies to get in on the start of the loan modification boom.  Since some homeowners are not comfortable dealing directly with their lender, or do not think they have sufficient knowledge to actually get the desired outcome, a loan modification company can represent you with an upfront fee.  Although certain state laws prohibit them from receiving an upfront fee if you are 3 months behind and in some cases two months behind. Some of these companies are reputable and want to honestly help you but don’t have the experience or proper personnel to get it done. As a rule of thumb, do your research on the company before you agree to anything and make sure to learn about the loan modification process so you can be ready to have loan modified correctly with the proper company.

6. What is a legitimate loan modification company?

A legitimate loan modification company is one which has an attorney in the office, where your file is being processed by experienced paralegals, not a “loan processor who is beginning a new career path”. Also, you should be speaking with a knowledgeable bank debt negotiator or they at least have one on their roster.  More importantly, use a company that performs a forensic analysis on your loan file for Truth in Lending and RESPA violations. Companies like these have usually been around for years.

What is Loan Modification

Loan Modification Attorney asked:


Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose higher costs on their contracts. For credit cards, this is usually a higher fee for over-the-limit spending or late fees. Sub-prime mortgages usually have higher interest rates and stricter terms.

 

Contrary to popular belief, sub-prime lending is a perfectly legal business. But like many new industries, it has been tainted by lenders who don’t play by industry standards. From 2003 to 2007, shady companies have turned up offering terms ranging from unfair to downright illegal. This, along with the economic slowdown, has contributed a great deal to the real estate crisis that forced many homeowners into foreclosure.

 

Are all sub-prime loans bad?

 

No. There are actually some sub-prime companies who give you good value for your money. If you find a good lender and stay current, sub-prime lending can have its benefits.For example, many people use sub-prime loans as a means of credit repair. Basically, it gives you a chance to rebuild your credit history and improve your scores. By keeping up a good record on sub-prime loans, you can eventually refinance to better terms and get back on your feet.

 

How do I know when a loan is sub-prime?

 

The first thing you should look at is the cost of the loan. Sub-prime loans have a higher overall cost (including interest, origination and closing fees) compared to prime loans. Although the basic formula is the same for both types, the pricing for sub-prime loans is more noticeably risk-based. A low credit score, small down payment, and other negative factors can greatly increase the cost of a sub-prime loan.

 

Another common feature is the prepayment penalty. Prepayment is when you pay more than the minimum monthly amount, or pay off the loan ahead of schedule. The penalty is to make up for lost interest on the lender’s part. Because you’re getting off early, the lender stops earning regular interest—and naturally, they charge you for it.

 

Many sub-prime mortgages follow the 2/28 structure. This means that you pay a fixed interest rate for the first two years, after which the loan switches to an adjustable rate where your payments are determined by market indicators. Often, the introductory rate is higher than the current index and the margin is applied once the loan shifts. For example, a lender can give you an intro rate of 8% while the index is currently at 4%, with a margin set at 6%. Assuming the index stays the same; your rate can jump to 10% when your two years is over.

 

What can I do if I’m in a sub-prime loan?

 

Fortunately, there are laws in place to protect borrowers in any loan, prime or sub-prime. For instance, the Real Estate Settlement Procedures Act (RESPA) requires all lenders to give you a good faith estimate of the total cost of the loan before closing any deals. This prevents any third party, such as mortgage brokers, from making any kickbacks at your expense.

 

All mortgages are also covered by the Truth in Lending Act (TILA). This law gives you the right to know the full lending terms and loan costs in any credit transaction, including credit cards. The TILA allows you to opt out of a transaction within a reasonable time if you don’t agree with some of the terms.

 

If a sub-prime mortgage has put you in financial difficulty, another thing you can do is apply for Loan Modification or in this case Sub Prime Loan Modification refers to an agreement between you and your lender to change the terms of your loan on account of your financial situation. This way you can modify your loan terms to a more affordable level. The Sub Prime Mortgage Loan Modification is a lengthy and time consuming process. However a competent loan modification attorney can expertly handle your case and expedite the loan modification process. A loan modification attorney will expertly present your case and use the above mentioned lending laws as leverage to get you more reasonable rates. If you’re already in foreclosure, this will also stop the process while you work out better terms with your lender.



What is Loan Modification

Loan Modification Attorney asked:


Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.

Do know your rights.

More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.

Don’t wait too long.

The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.

Do work with your lawyer.

Your Home Loan Modification doesn’t rest in the hands of your lender, your broker, or your loan modification attorney. These people can help, but you have to do your part and cooperate with your lawyer. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation.

Don’t file for bankruptcy, unless you really have to.

Many people think that filing for bankruptcy can help them stop foreclosure. But data from the American Bar Association shows that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records. In some cases, bankruptcy is still a viable option, but don’t make any decisions without getting professional advice.

Do have a backup plan.

Not all people will qualify for a mortgage loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. In any case, it’s always good to have a Plan B. Your mortgage modification attorney can help you find the best solution.

If you can’t get your loan modified, talk to your lawyer about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure, so it’s easier to get back on your feet.



What is Loan Modification

Loan Modification Attorney asked:


A Home Loan Modification can help you stop foreclosure and stay in your home. But if you’re like most homeowners, you’re probably wondering how it will affect your credit, and whether in a good or bad way. Unfortunately, there’s no single answer—it all depends on how far behind you are and the kind of mortgage loan modification you’ll be granted.

Best-case scenarios



Technically, since you’re not borrowing any money, a home loan modification won’t hurt your credit score. If you’re paying less in interest, you have a smaller debt burden. And since most lenders prefer an interest rate reduction, there’s a pretty good chance that a Home loan modification will improve your credit score.

The implications are even better if your lender forgives part of the principal, although this is less common. If they write off $50,000 from your loan amount, it will show up on your report as a smaller loan, which can increase your credit score.



The lender factor

Unfortunately, it doesn’t always happen that way. It also depends on how your lender reports the home loan modification to the credit bureaus. Many of them will consider it paid for less than the original amount owed, which will count against your score. If you’re already in foreclosure, the impact on your credit can be substantial. Of course, compared to a short sale or a foreclosure, a Mortgage Loan Modification is still the best way to maintain your credit standing.

Tax implications



One of the early problems with Loan modification is that the amount forgiven is usually taxable. That means if your debt is reduced by $50,000, the IRS views it as income and imposes the corresponding tax. This can catch homeowners off guard during tax season, as many of them don’t know the tax implications at the time of the modification.

To avoid such incidents, the IRS announced in 2007 that Loan modification would no longer be classified as “prohibited transactions.” This applied to all loans originated from January 2004 to July 2007, the peak of the sub-prime boom, and those due to adjust from January 2009 to July 2012. If your mortgage falls under these categories, you won’t have to file a 1099 declaring the change as taxable.

A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in professional representation and get the best mortgage assistance. Your loss mitigation won’t happen overnight, but if with a capable Loan Modification Attorney, you can be sure you’re in good hands.



Loan Modification Help

Loan Modification Attorney asked:


Foreclosure is always a race against time. Although a home loan modification can slow the process, you have fewer options the longer you wait. Not all lenders have the staff or experience to handle mortgage loan modifications. Even with a capable attorney, the process can drag on for months.

But you don’t have to sit and wait. There are some things you can do to speed up the process. Once your home loan modification is under way, these steps can help you get more positive results.

1. Put everything on paper. It’s not uncommon for lenders, especially smaller ones, to lose track of your application. To prevent delays, make sure all your efforts are documented and kept on file. This includes all the calls you make and receive, both from your lender and loan modification attorney. Keep receipts of all your transactions, and make copies so you don’t have to let go of the originals.

2. Do your own financial statements. Part of every home loan modification is a financial worksheet, which will be your main basis for qualification. Most lenders have their own forms, but it won’t hurt to make your own as well. If your lender insists on using their worksheet, at least you’ll have all the information ready.

3. Be as detailed as possible. Too much information is better than too little, and it limits the chances that they’ll call you for more information. A typical worksheet for a mortgage loan modification will include the following:

-Your contact information (address, home phone and work phone, fax and email)

-Information about your property, including the estimated value

-Your current income

-Any additional income, such as welfare, child support, etc.

-Your estimated total value, including other assets such as real estate, investments, savings and checking accounts, IRAs, 401(k), stocks and bonds

-Liabilities, such as existing loans, monthly bills, medical expenses, and tax liens

4. Keep all your bills. The financial worksheet will require you to dig up old bills and hold on to the ones that keep coming. This will help you keep the information as accurate as possible. You may also need to present these bills (or copies of them) along with your hardship letter, which explains why you need a mortgage loan modification. Even if they don’t ask for it, it’s best to include them anyway. That way, there’s no reason for your lender to doubt your statement. The more proof you have, the better your chances of getting that home loan modification.

Be sure to submit as much truthful and verifiable information to your loan modification attorney so they are able to compile the best case to submit you your lender.



Loan Modification Help

Shawn M Peck asked:


 Many people have been asking what exactly is a loan modification. These are some common questions and answers.

What exactly is a loan modification?:

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 inspection of the property if they have concerns about property condition?

Answer: Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.

Question 3: Can a mortgagee include late charges in the Loan Modification?

Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

1. “Loan Modification Frequently asked Questions”

Question 4: When utilizing a Loan Modification option, can a mortgagee capitalize an escrow advance for Homeowner’s Association fees?

Answer: HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of the FHA-insured mortgage.

Question 5: Is there a new basis interest rate which mortgagees may assess when completing a Loan Modification?

Answer: Yes, Mortgagee Letter 2008-21 states that the new basis interest rate is 200 points above the monthly average yield on U.S. Treasury Securities, adjusted to a constant maturity of 10 years.

Question 6: Will HUD subordinate a Partial Claim, should a mortgagor subsequently default and qualify for a Loan Modification?

Answer: If a mortgagor subsequently defaults and qualifies for a Loan Modification, HUD will subordinate the Partial Claim.

Question 7: Are mortgagees required to perform an escrow analysis when completing a Loan Modification?

Answer: Yes, mortgagees are to perform a retroactive escrow analysis at the time the Loan Modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized.

Question 8: Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?

Answer: It depends upon when the closing date occurred. For assets closed:

After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect,

On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or

On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.

Question 9: Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?

Answer: Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

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Ref- 1. Frequently Asked Question- U.S. Department Of Housing and Urban Development, mortgagee letter 2008/Hud Handbook 12-3-2008



Loan Modification