Frequently Asked Questions
Question: In Utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.
Question: Can a mortgagee inlude late charges in the Loan Modification?
Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.
Post: Homes & Communities US Department of Housing and Urban Development.
For a free loan modification consultation go to http://www.jdssaysyes.com
Friday, June 11, 2010
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