Loan Modification...a new Note? (rate, credit, account, income)

[embe]

If a Servicer such as Seterus, Inc is giving homeowner a loan modification, Why is it necessary to create a new Note ?

[cb73]

If anything in the original contract is changed, you need to sign a new contract. That's routinely done with all re-fi's, whether they're loan modifications or just interest rate changes.

[embe]

Originally Posted by cb73

If anything in the original contract is changed, you need to sign a new contract. That's routinely done with all re-fi's, whether they're loan modifications or just interest rate changes.

A new contract would cancel the old contract...then its not a loan modification if the original contract was canceled and a new one was created.
Fanny Mae verified the word "Modification" is a title to a program from Seterus.
The intial letter 'M' makes a world of difference on a legal document

A new Note--> is a new Negotiable Instrument allowing the Note Holder (Servicer) to negotiate homeowner's credit for the Servicer's benefit while the Servicer has homeowner convinced they are modifying an existing "loan".

Doesnt the Servicer understand if important details are left out of the contractual agreement, then the Contractual Agreement is void?

What is a a Federal Credit account for the Note Holder /Servicer?
Does the homeowner have anything to do with it?

Seems like they benefit more from homeowner's energy and labor than the homeowner does

I also noticed the 'assistant Vice principle" that signed the document, was an 'acting' assistant vice principle.
I wonder how many other actors are making contractual Agreements with a natural person

[embe]

[quote=embe;31223113]A new contract would cancel the old contract...then its not a loan modification if the original contract was canceled and a new one was created.
Fanny Mae verified the word "Modification" is a title to a program from Seterus.
The intial letter 'M' makes a world of difference on a legal document

A new Note--> is a new Negotiable Instrument allowing the Note Holder (Servicer) to negotiate homeowner's credit for the Servicer's benefit while homeowner is convinced they are modifying an existing "loan".

Seems like they benefit more from homeowner's energy and labor than the homeowner does

I also noticed the 'assistant Vice principle" that signed the document, was an *acting* assistant vice principle.

[snowdenscold]

I see that after your previous account was deleted, you're back on the boards spewing all sorts of nonsense based on some ridiculous semantic and capitalization arguments. And in multiple threads and forums.

I believe last time your advice actually encouraged fraud and tax evasion with word games as your only defense.

[petersonjohn]

Loan modification is definitely helpful for the people who have varying fund requirements as well as uncertain sources of income. Such people usually prefer loan modification