Comments on: Loan Remodification: Official FDIC Loan Modification Guidelines

By: jo

jo — Mon, 19 Oct 2009 18:32:00 +0000

is this only for defaulted non gse loans, or can you be current on loan?
does b of a /countrywide have to follow this to, or is it just indy mac

By: Michael E. Riley

Michael E. Riley — Wed, 06 May 2009 19:08:23 +0000

Erin, the govt would never come after them however if they stop making payments in the future the lender still has the right to start the foreclosure process again. -Mike

By: Erin Collins

Erin Collins — Tue, 05 May 2009 17:15:43 +0000

I am trying to find (verbiage) in regards as to whether or not these loans have a Recourse, but can’t seem to find anything. I have a concerned borrower who wants to make sure that IF in fact something was to happen down the road: ie loss of income & they end up doing a Short-Sale or Selling that the Gov’t isn’t going to come after them for money owed ? Please Advise

By: Adam Schwartz

Adam Schwartz — Fri, 17 Apr 2009 16:38:58 +0000

Janie, when trying to modify your loan there are certain things to remember, the loan is serviced and/or owned by a bank or servicing company, or could be owned by another entity we refer to as the note holder. This transaction is not the same as a refinance of your existing mortgage. You do not get to pick the company you want to work with, but you can choose a loss mitigation attorney or non-profit to advocate on your behalf.
Adam

By: Janie Massey

Janie Massey — Thu, 16 Apr 2009 22:32:55 +0000

Re: H.A.S.P refinance/modification program

Does this have to be handled by the current mortgage holder?

Please advise.

Sincerely, Janie Massey
xxx-xxx-9020