What is the mortgagees timeframe to file a Loan Modification incentive claim?
Answer – Mortgage Letter 2000-05, page 23, Paragraph N, “Filing for Incentive Payment” states in part the mortgagee must file the claim for incentive payment within 60 days of the execution date of the modification agreement. Question 5 – Is it permissible to qualify a mortgagor and file an incentive claim for Special Forbearance Type II when that mortgagor had been on a Special Forbearance Type I but has failed due to a subsequent event that affected their household income and/or expenses? Answer – Mortgagee Letter 2002-17, Page 6, Review and Re-negotiation provides that plans may be re-negotiated if the mortgagor’s financial circumstances have changed. However, re-negotiated plans may not exceed HUD’s requirement that the loan be no more than 12 months delinquent. Mortgagees may only file for the Special Forbearance incentive claim once per default.
Related Questions
- If a mortgagee qualifies a mortgagor for Special Forbearance with the loan cure resulting in a Loan Modification; can the mortgagee file a claim for each loss mitigation option used?
- Im a provider who wants to authorize Class Counsel to prepare and file a Provider PEME Claim on my behalf. Do I need a Business Associate Agreement?
- What is the mortgagees timeframe to file a Loan Modification incentive claim?
