Executing and Tracking the borrowed funds Modification Contract
The servicer is responsible for making sure the home mortgage as modified complies with appropriate laws, preserves Fannie Mae’s basic lien position, and it is enforceable from the borrower(s) in accordance with its terms. The servicer must conduct the home mortgage modification relative to Offering a Trial years strategy and doing a Fannie Mae Flex alteration in D2-3.2-07, Federal National Mortgage Association Flex Adjustment.
So that you can ensure that the customized home mortgage preserves their earliest lien situation and is totally enforceable, the servicer must take those things defined into the appropriate table.
Mention: The servicer may encounter circumstances in which a co-borrower trademark is not available your Loan Modification Agreement, for reasons instance psychological incapacity or military deployment. Whenever a co-borrower’s signature isn’t accessible as well as the servicer chooses to continue making use of the home loan alteration, the servicer must suitably report the basis your difference into the servicing documents.