What is a mortgage extension

Other People Are Reading


A mortgage extension agreement must be agreed to by both the lender and the borrower. Once the paperwork is drafted, both parties must sign off on the agreement in front of a notary for it to be enforceable or ratified. Once the document is executed, the borrower will receive a new statement with the loan terms and adjusted payoff date.


Some loan extension agreements will come with no fee to the borrower. However, if the borrower is near to foreclosure, the lender might require a portion of late fees and past due payments to be made upon signing the agreement. This will vary from lender to lender.

Time Frame

The time frame to receive a mortgage extension is also variable depending on the lender and the amount of backlog in its loss mitigation department. On average, however, large lenders like Wells Fargo will take approximately six weeks to review a loan modification and extension application before moving forward with the paperwork.



Please enable JavaScript to view the comments powered by Disqus.
  • Photo Credit mortgage image by hans slegers from Fotolia.com

More Like This

How to Write an Extension

of Agreement

What Is a Mortgage Loan Agreement?

Motorcycle Repossession Laws

You May Also Like

It’s not unusual to have lean times when you can’t quite make ends meet. When you need some breathing room from creditors.

The Consolidation Extension Modification Agreement (CEMA) is a program used in the state of New York. New York requires borrowers of home.

For example, if you currently owe $100,000 and have 15 years remaining on your mortgage, a term extension would allow you repay.

How to Request a Loan Extension. Requesting a loan extension on your home mortgage or auto loan may be a way to.

The Definition of a Gap Mortgage. A gap mortgage, referred to as a Consolidation, Extension and Modification Agreement (CEMA). Mortgage Extension.

A gap mortgage, referred to as a Consolidation, Extension and Modification Agreement (CEMA), is a financial tool that acts as an interim.

But, not every deal concludes with a home purchase, which is where the mortgage contingency comes in. money section. Saving & Spending.

Mortgage Extension Agreement. A mortgage modification and extension agreement occurs between a lender and a borrower when a borrower has defaulted and.


View Blog Post

Source: ehow.com

Category: Credit

Similar articles: