- Apr 10, 2010
I have a question about a HAMP modification contract verses an "in-house"
Does HAMP allow or require this provision in their contract:
"In consideration of this Modification, Borrower agrees that if any document related to the Security Instrument, Note and/or Modification is lost, misplaced, misstated, inaccurately reflects the true and correct terms and conditions of the loan as modified, or is otherwise missing, Borrower will comply with Lender's request to execute, acknowledge, initial and deliver to Lender any documentation Lender deems necessary. If the original promissory note is replaced the Lender hereby indemnifies the Borrower against any loss associated with a demand on the original note. All documents Lender requests of Borrower shall be referred to as Documents. Borrower agrees to deliver the Documents within ten (10) days after receipt of Borrower of a written request for such replacement."
If so , why would they?
This sure sounds like it requires waving any future requirement for the servicer or investor ( or whoever )
to have correct documentation to prove ownership and right to foreclose.
Just wanted to update , I found out that HAMP actually DOES have this same provision in their contract as well!!!!!!!!!!
I am now confused as to what this actually means?
Does anyone know if it means they get a free pass by me signing this if any of their "proof of ownership or correct chain of title " is out of order? Or is that for what applies to the loan modification?