Start with acknowledging debt and expressing intent to pay.
Loan modification or forbearance agreements should acknowledge debt and express the intent to pay in order to restart the statute of limitations. The application for loss mitigation should also acknowledge the debt and express the intent to pay the debt in order to restart the statute of limitations, in case the loan modification or forbearance agreement was never executed! This video reviews the basic provisions that should be part of a loan modification or a forbearance agreement.
Peter T. Roach, Esq.
Roach & Lin, P.C.
- Principal of Roach & Lin, P.C.
- Practices in all areas of mortgage default servicing, including foreclosure, loss mitigation, bankruptcy, litigation, evictions, and REO sales throughout the entire State of New York
- Lecturer for St. John’s University Continuing Legal Education Program, New York State Bar Association, Queens and Nassau County Bar Associations, Practicing Law Institute, Lorman Education Services, The Knowledge Group, and Marino Legal Continuing Legal Education
- Membership information: board of directors, St. John's University School of Law Alumni Association (member, 1988 to present; president 2002 to 2004); International Network of Boutique Law Firms (INBLF) (member, 2004 to 2016; president, New York Chapter, 2008 to 2011); New York State Bar Association; and vice president of Harmony Heights School (2000 to present)
- J.D. degree, St. John’s University – School of Law; B.A. degree, State University of New York at Binghamton
- Can be contacted at 516-938-3100 ext. 318 or [email protected]
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