questions on modification agreement received? - Loan Modification Forum

keeranbri · 08-07-2009, 07:49 PM

1. Received modification agreement today. Does anyone know if a modification agreement has to be notarized and signed by the borrower or just a signature. The modification just states "to please sign the modification agreement and return the executed agreement with the first payment due under the modified terms"

I just wanted to make sure, but no where on the modification says it has to be notorized when sending back.

Question 2: Can anyone just clarify this for me please. We had purchased our house back on February 2006, so now it has been 3 years and 5 months, but just received a loan modification starting September 15 for 40 year term.

Does that mean that our loan is a new loan starting at 40 years, correct? , since it was new modification of the loan.

The 3 years that we been in there prior does pertain to the new loan anymore, right? or have an effect towards the new payments....right? cuz i just wanted to make sure that I calculate the correct P/I . It shows on the agreement that based on the payments of a 40 year term starting at 1 year.

keeranbri · 08-07-2009, 07:51 PM

sorry..I meant to ask if the 3 years does have anything to do with the new loan modification of 40 years or it does not?

08-07-2009, 07:49 PM	#1 (permalink)
keeranbri Member Join Date: Jun 2009 Posts: 25 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	questions on modification agreement received? 1. Received modification agreement today. Does anyone know if a modification agreement has to be notarized and signed by the borrower or just a signature. The modification just states "to please sign the modification agreement and return the executed agreement with the first payment due under the modified terms" I just wanted to make sure, but no where on the modification says it has to be notorized when sending back. Question 2: Can anyone just clarify this for me please. We had purchased our house back on February 2006, so now it has been 3 years and 5 months, but just received a loan modification starting September 15 for 40 year term. Does that mean that our loan is a new loan starting at 40 years, correct? , since it was new modification of the loan. The 3 years that we been in there prior does pertain to the new loan anymore, right? or have an effect towards the new payments....right? cuz i just wanted to make sure that I calculate the correct P/I . It shows on the agreement that based on the payments of a 40 year term starting at 1 year.

08-07-2009, 07:51 PM	#2 (permalink)
keeranbri Member Join Date: Jun 2009 Posts: 25 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: questions on modification agreement received? sorry..I meant to ask if the 3 years does have anything to do with the new loan modification of 40 years or it does not?

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