Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Should the new loan amount after loan modification be a public record or should workouts be private?

April 26, 2017loan loan modification private public record workouts

0

Posted

Should the new loan amount after loan modification be a public record or should workouts be private?

1 Answer

0

Posted

Mortgage workouts that reduce the amount of the original mortgage can be kept a secret since the modification was between the lender and a private individual. Unlike new purchase or refinanced loans, unless a loan’s balance is increasing, the lender is not required to file a public change.