Do All Mod's Need Investor Approval?? - Loan Modification Forum

alikeith · 08-10-2009, 09:12 AM

Just curious on this..... Does it just depend on the situation. I know that BONY seems to be the easiest to work with. Luckily that is who i have.

The reason i ask is when i was talking to Home Retention, VP told me that worse case scenerio for me is they add my late payments to my loan, increasing Princiapal Balance. Does something like that require investor approval?

AzGryffindor · 08-10-2009, 09:43 AM

Anything that modifies the existing note (change in interest rate, length of loan, principal forgiveness, principal forbearance) will require the Investor's approval.

Repayment plans might not require Investor approval.

alikeith · 08-10-2009, 09:54 AM

Thats what i am trying to figure it. Is adding late payment to loan considered a change. I guess it is?

I have read thought that not all mods require approval.

08-10-2009, 09:12 AM	#1 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Do All Mod's Need Investor Approval?? Just curious on this..... Does it just depend on the situation. I know that BONY seems to be the easiest to work with. Luckily that is who i have. The reason i ask is when i was talking to Home Retention, VP told me that worse case scenerio for me is they add my late payments to my loan, increasing Princiapal Balance. Does something like that require investor approval?

08-10-2009, 09:43 AM	#2 (permalink)
AzGryffindor Senior Member Join Date: Jun 2009 Posts: 231 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Do All Mod's Need Investor Approval?? Anything that modifies the existing note (change in interest rate, length of loan, principal forgiveness, principal forbearance) will require the Investor's approval. Repayment plans might not require Investor approval.

08-10-2009, 09:54 AM	#3 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Do All Mod's Need Investor Approval?? Thats what i am trying to figure it. Is adding late payment to loan considered a change. I guess it is? I have read thought that not all mods require approval.

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