Quote from Bill on September 9, 2024, 11:38 amWhat is a Reperforming Loan?
This is a loan that the borrower was originally making payments on under the original terms of the note, a performing loan. It then became a non-performing loan for failure to make loan payments on the original note. Then eventually the delinquent loan was resolved, making it a reperforming loan. The lender worked with the borrower to get them back on track, the borrower began making loan payments again. The borrower went through the lender's loss mitigation process and signed a loan modification agreement with new modified loan terms on the original note. Making it a reperforming loan.
What is a Reperforming Loan?
This is a loan that the borrower was originally making payments on under the original terms of the note, a performing loan. It then became a non-performing loan for failure to make loan payments on the original note. Then eventually the delinquent loan was resolved, making it a reperforming loan. The lender worked with the borrower to get them back on track, the borrower began making loan payments again. The borrower went through the lender's loss mitigation process and signed a loan modification agreement with new modified loan terms on the original note. Making it a reperforming loan.