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Modification of Loan
Ha, I have the same situation were Wilshire Credit wants an OK from the Chapter 13 Trustee, told them that in my (humble) opinion this is not needed unless escrow is opened and then I file a motion to Refi, well I asked to talk to the legal dept of Wishire to discuss this matter, wilshire actually is interested to modify but doesn't know how to proceed under a chapter 13. Note: Litton modified a loan, put the arrears on back of the loan and amended the POC to Zero arrears, I am waiting and learning, any other completed MODIFICATIONS, please post on this web site,
thanks axel
Nathan Berneman wrote:
I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.
This would not be a refinancing but it sound more like a modification.
The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.
If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.
Does anyone have any takes on this with if my analysis is correct?
Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?
Thanks,
Nate Berneman
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Ha, I have the same situation were Wilshire Credit wants an OK from the Chapter 13 Trustee, told them that in my (humble) opinion this is not needed unless escrow is opened and then I file a motion to Refi, well I asked to talk to the legal dept of Wishire to discuss this matter, wilshire actually is interested to modify but doesn't know how to proceed under a chapter 13. Note: Litton modified a loan, put the arrears on back of the loan and amended the POC to Zero arrears, I am waiting and learning, any other completed MODIFICATIONS, please post on this web site, thanks axelNathan Berneman <nathanberneman@yahoo.com> wrote: I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.This would not be a refinancing but it sound more like a modification.The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.Does anyone have any takes on this with if my analysis is correct? Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?Thanks,Nate Berneman Never miss a thing. Make Yahoo your homepage.
Be a better friend, newshound, and
know-it-all with Yahoo! Mobile. Try it now.
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You are not proposing to transfer title to the real property or to borrow additional funds, therefore I think the lending is seeking a comfort letter from you stating that no bankruptcy court order is required.
PML
Nathan Berneman wrote:
I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.
This would not be a refinancing but it sound more like a modification.
The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.
If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.
Does anyone have any takes on this with if my analysis is correct?
Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?
Thanks,
Nate Berneman
Never miss a thing. Make Yahoo your homepage.
Never miss a thing. Make Yahoo your homepage.
You are not proposing to transfer title to the real property or to borrow additional funds, therefore I think the lending is seeking a comfort letter from you stating that no bankruptcy court order is required. PMLNathan Berneman <nathanberneman@yahoo.com> wrote: I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.This would not be a refinancing but it sound more like
a modification.The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.Does anyone have any takes on this with if my analysis is correct? Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?Thanks,Nate Berneman Never miss a thing. Make Yahoo your homepage.
Never miss a thing. Make Yahoo your homepage.
The post was migrated from Yahoo.
I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.
This would not be a refinancing but it sound more like a modification.
The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.
If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.
Does anyone have any takes on this with if my analysis is correct?
Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?
Thanks,
Nate Berneman
Never miss a thing. Make Yahoo your homepage.
I have a client in a Chapter 13 who just sent me a letter stating that she is trying to get her mortgage company to revert her loan to a fixed rate without through a conventional loan situation.This would not be a refinancing but it sound more like a modification.The loan company (Wells Fargo Bank), says they require a "letter of consent" from me do do this.If this was a refinancing, we would need permission form the court. If this truly is a "modification of the loan, I don't believe a Motion for Approval form the court is necessary.Does anyone have any takes on this with if my analysis is correct? Also, what is needed to be stated in this "letter of consent" besides, "yeah go ahead and do it"?Thanks,Nate Berneman
Never miss a thing. Make Yahoo your homepage.
The post was migrated from Yahoo.