A California Motion To Approve Loan Modification Agreement After Completion is a legal document filed in court by a borrower to obtain court approval for a loan modification agreement that has already been completed. This motion must be filed in the court where the loan is secured and is used to request the court's authorization to modify the loan terms in order to make payments more affordable for the borrower. The motion must include a copy of the loan modification agreement, a statement of facts justifying the modification, a declaration of the borrower's financial hardship, and an affidavit signed by the borrower's attorney. There are two types of California Motion To Approve Loan Modification Agreement After Completion: a joint motion and an individual motion. A joint motion is typically filed when both the borrower and the lender agree to the loan modification. An individual motion is typically filed when the borrower is the only party agreeing to the modification.
California Motion To Approve Loan Modification Agreement After Completion
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FAQ
Fannie Mae will execute the mortgage loan modification agreement and return it to the servicer, regardless of whether the executed mortgage loan modification agreement needs to be recorded. Note: If the mortgage loan modification agreement needs to be recorded, the servicer must submit it for recordation.
Appeal If Loan Modification Was Denied Federal law generally requires servicers to give homeowners 14 days to appeal a loan modification denial. In most cases, this appeal right kicks in if the servicer receives your loan application 90 days or more before the foreclosure sale date.
Only your mortgage lender or servicer has the discretion to stop foreclosure and grant a loan modification. No third party can guarantee or pre-approve your mortgage modification application.
What happens after a loan modification is approved? Once the loan modification is approved, you'll go through a trial modification where you must not miss a payment for three consecutive months. If you do miss a payment, then the modification is denied and you'll have to request another trial.
In a loan modification, since the original loan is being modified and not canceled, the modification can be changed or reverted back to its original terms.