Mortgage mod ?

[jimbo367]

Does a mortgage mod replace the original mortgage, here's my question,

the original mortgage 5 years ago was assigned to lender B 4 years ago.

Since then it was modified 2 years ago.

IN 2012 a foreclosure is started by a trust included in that complaint is an assignment dated 2012 long after the trust was closed.

That assignment only relates to original mortgage not the modification or the new loan amount.

Does that modification need to also assigned or be included in this assignment?

question 2, the assignment was never signed by the servicer and returned to me, is that now valid agreement.

[justbroke]

Here's the kicker... was the modification recorded?

[jimbo367]

No it was not.

Is that fatal?

Please elaborate

[justbroke]

I have a similar issue. I have an unrecorded modification. The problem with modifications comes where the modification needs to be recorded and any other liens needs to subordinate to the modification. While I have a traditional mortgage and a HELOC, the HELOC would have jumped into first position if they recorded the modification. Even though these are both from the same bank, the HELOC is not an MBS (pool) and perhaps there's a problem getting it to subordinate.

I don't think it's fatal, I just think it's interesting that not all modifications are recorded.

My real thing is, that my modification was in a different name than the first bank of the first recorded mortgage. I wonder how you reconcile that without a "good" assignment before the modification is signed and executed by the bank. If you mortgaged to A and then they assigned it to B, then a modification with B should not require a new assignment.

I have never read anything where an assignment needs to be signed by the mortgagor. The assignment of debt is a business-to-business transaction and doesn't involve the mortgagor.

[jimbo367]

I researched some, they don't have to be recorded, but say your first lender A is 100K, you get a second lender b for 50K.

The mod is done increasing your first to 125K. not recorded

The second was impaired by the mod, now A only has a first for 100K, because they didn't record, B is second for 50K A is in 3rd for the extra 25K, they needed their (B) consent

[justbroke]

That is exactly how I understand it Jimbo. It's only if it impairs the junior lienholder(s).

[blockhead]

Loan Mod after Ch7 discharge

That is exactly how I understand it Jimbo. It's only if it impairs the junior lienholder(s).

Looking at the loan mods out there at the Registry (form 3179) they seem to reaffim the (discharged) mortgage by using language like promise to pay. Looking at some HUD notes it seems for Ch7 dischargeees they might change the form in some unspecified way. Has anyone encountered this? The mod WF gave me isn't that great (dropped interest from 6 to 5%) and I'm in two minds as whether to refuse it. I don't really want YET another public record at the Registry

[justbroke]

Sorry, but you absolutely can not, will not, and could not reaffirm a mortgage by signing a modification. A reaffirmation is a VERY specific process with very precise and specific language on a very specific form. It does not matter what language a modification is in. The reaffirmation agreement must be in the format that is in the law. it must also be countersigned by an attorney or a judge. So, there's no way possible a modification is a reaffirmation.

You would know if you reaffirmed debt because the form is very specific. Again, reaffirmation requires a countersignature by either your attorney and/or a judge, each of whom must agree that it is not a hardship.

[blockhead]

Thanks Justbroke. I am sane again