Course Details

Loan Modification Fundamentals

Webinar: ID# 1034633
Recorded On-Demand
About This Course:
Oftentimes, borrowers encounter a temporary hardship that prevents them from making mortgage payments on a timely basis. When contacted by this borrower for assistance, a forbearance agreement may be the solution to their problem.

This webinar will provide insight to the person negotiating or drafting forbearance agreements on behalf of creditors as to what provisions should be included in forbearance agreements. This information is critical for creditors wishing to avoid loss of priority, statute of limitations issues and litigation, should the borrowers default after executing the forbearance agreement.What You'll Learn:Distinguishing Forbearance Agreements From Loan Modifications
  • Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
  • Forbearance Agreements as "Trial Modifications"
  • When Are Consents From Subordinate Lien Holders or Guarantors Required?
  • Clearing Title White Forbearance Agreement in Effect Prior to Entering Into a Loan Modification
Forbearance Agreements Can Be Entered Into Before or During Foreclosure Action Commenced
Dual Tracking Prohibition Against Entering Judgment If Borrower Is Complying With Forbearance Agreement
  • Ratification and Confirmation of Loan Documents
  • Acknowledging Total Amount of Debt Including Interest, Late Charges and Legal Fees and Costs
  • Acknowledging Debt and Expressing Intent to Pay
  • Estoppel Certificates
Providing Remedies for Subsequent Default
  • Notice Requirements
  • Proceeding Ex Parte
  • Cancelling "Forgiveness" and Proceeding With Foreclosure
Loan Modification Fundamentals
or via On-Demand
Course Details
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