Does the servicer have to receive the signed Home Affordable Modification Agreement from the borrower prior to the effective date of the modification?
No. The loan may be modified and the effective date of the modification does not need to be changed if the executed Home Affordable Modification Agreement is received from the borrower by the last day of the month in which the modification becomes effective. However, a servicer may not submit an official loan set up record to the HAMP Program Administrator to report the permanent modification until the servicer has obtained a fully executed Home Affordable Modification Agreement.
Related Questions
- Im already working with my servicer or a housing counselor on a loan workout. Can I still be considered for a Home Affordable Modification?
- What if the borrower has a second lien mortgage and would like to apply for a Home Affordable Modification?
- What if the borrower has a second mortgage and would like to apply for a Home Affordable Modification?
