Share 'Loan Modification Frequently Asked Questions'

A 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 forecl…