Loan Modification Fundamentals

$149.00

SKU: 411214

Description

Learn how to differentiate between loan modification and forbearance agreements to ensure the best option for your clients.
Borrowers may encounter a temporary hardship that may prevent them from remaining current on their mortgage loan and making payments on a timely basis. When contacted by a borrower for assistance, a forbearance agreement may be the solution to their problem. This live webinar will provide insight to the person negotiating or drafting forbearance agreements on behalf of creditors as to what provisions should be included in forbearance agreements. This presentation will critically look into avoiding loss of priority, the statute of limitations issues, and litigation, or should a borrower default after entering into the forbearance agreement.

Date: 2024-02-26 Start Time: 1:00 PM ET End Time: 2:05 PM ET

Learning Objectives

* You will be able to define and distinguish between a Loan Modification and a Forbearance Agreement.

* You will be able to ascertain when a Forbearance Agreement should be entered into prior to a Loan Modification.

* You will be able to review Forbearance Agreements to ensure they provide essential clauses.

* You will be able to explain the procedure required to proceed with foreclosure after a default under a Forbearance Agreement.

Distinguishing Forbearance Agreements From Loan Modifications
• Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
• Forbearance Agreements as Trial Modifications
• When Are Subordination Agreements or Consent Agreements From Subordinate Lienholders or Guarantors Required?
• Clearing Title While a Forbearance Agreement or Trial Modification Is in Effect Prior to Entering Into a Loan Modification

Forbearance Agreements Can Be Entered Into Before Commencement or During a Foreclosure Action

Dual Tracking Prohibition Against Entering Judgment If the Borrower Is Complying With the Forbearance Agreement

Acknowledgments
• Ratification and Confirmation of Loan Docs
• Acknowledging the Total Amount of Debt Including Interest, Late Charges, and Legal Fees and Costs
• Acknowledging Debt and Expressing Intent to Pay

Providing Remedies for Subsequent Default
• Notice Requirements
• Acceleration/Deceleration and Proceeding With Foreclosure

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Nicholas Perciballi-Roach & Lin, P.C.