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Loan Modification Fundamentals

Learn how to differentiate between loan modification and forbearance agreements to ensure the best option for your clients.

Oftentimes, a loan modification or Forbearance Agreements may be the solution to a borrower's default, whether caused by a temporary or permanent solution. This topic will distinguish the two and provide insight as to which one is better suited for a particular situation and what provisions should be included, and will also provide servicers, attorneys and investors with an understanding of the litigation issues that may thereafter arise should the borrowers default after executing the forbearance agreement, such as loss of priority, statute of limitations issues and consumer protection laws.

Runtime: 84 minutes
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Distinguishing Forbearance Agreements From Loan Modifications

  • Loan Modifications Are Permanent; Forbearance Agreements Are Temporary
  • Forbearance Agreements as Trial Modifications
  • When Are Consents From Subordinate Lien Holders or Guarantors Required?
  • Clearing Title White Forbearance Agreement in Effect Prior to Entering Into a Loan Modification

Forbearance Agreements Can Be Entered Into Before or During Foreclosure Action Commenced

Dual Tracking Prohibition Against Entering Judgment If Borrower Is Complying With Forbearance Agreement

Acknowledgments

  • Ratification and Confirmation of Loan Documents
  • Acknowledging Total Amount of Debt Including Interest, Late Charges and Legal Fees and Costs
  • Acknowledging Debt and Expressing Intent to Pay
  • Estoppel Certificates

Providing Remedies for Subsequent Default

  • Notice Requirements
  • Proceeding Ex Parte
  • Cancelling Forgiveness and Proceeding With Foreclosure
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 6, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Peter T. Roach, Esq.

Peter T. Roach, Esq.

Roach & Lin, P.C.

  • Principal at Roach & Lin, P.C. in Syosset, New York
  • Practices in all areas of mortgage default servicing, including forclosure, loss mitigation, bankruptcy, litigation, evictions and REO sales throughout the entire state of New York
  • Served as an Adjunct Professor of Law at St. John’s University School of Law, teaching a variety of courses including real estate finance, real estate drafting, and title insurance
  • Member of numerous professional and civic organizations
  • Frequent speaker and has written numerous publications
  • 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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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405999
Published 2019
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