Patch of Land - Consent to Sell Underlying Notes

[Mark S.]

Did anyone else receive an email from Patch of Land asking for consent to sell any underlying notes that are 120+ days past due and for which they don’t expect to return to performing status? Apparently there was a defect in the loan agreements.  Patch is permitted to write down, write-off and sell underlying loans, but due to a defect in the Borrower Payment Dependent Notes Indenture (the “Indenture”) under which Patch issued Borrower Payment Dependent Notes (“BPDNs”) to you and other clients, we need your consent to modify the Indenture and complete the sale process.

I'm wondering if others are thinking of signing off on the consent. Patch says they will not sell the note unless they feel they cannot secure more value through the foreclosure process because of legal costs, etc.