Can someone please answer my questions?

[keeranbri]

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" It does not say please notarize and sign...but just a signature.

I think notarize is only for certain documents?.....correct..

I just wanted to make sure and double check if someone else had something like that, but no where on the modification says it has to be notorized when sending back. this is our first time doing a modification.



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 over at 40 years, correct? , since it was new modification of the loan.

Do they base the new modifcation payments on a new fresh 40 year term?
I wouldn't think they would start frm the 3 years before, since it was a totally different loan? right

[nitag]

Weekends are usually pretty slow around here.. I'm sure Moe or someone will answer when they are on..

My trial mod with Litton did NOT have to be notarized!! But every lender is different, you might want to check with them on Monday..

I am thinking you will have 37 yrs left, but clarify that with the lender.. Thats your best shot for a clear answer on what they are going to do...

[oc mom]

Our Loan Modification Agreement from Wells Fargo only required our signatures and to be dated. But I would also suggest that if you are unsure, you might want to check with your lender.

Our term was extended from the remaining 25 years to 40 years. We had a very specific EXTENSION clause that modified very specific terms such as the "current contractual due date" from 7/1/09 to 10/1/09 and the "maturity date" from 4/1/2034 to 9/1/2049 so in our case the P&I payments are based on 40 more years of payments, substantially lowering the payments.

We are still waiting for WF to update our account as we just returned the agreement last Wednesday. I want to see how they are going to apply our July payment, which posted the same day that the documents were printed. As of now, it still shows as "unapplied". Hopefully, it will be applied as October's payment and as nearly 1/2 of November's payment - an early Christmas gift - of course, only if we don’t starve this month!