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Updated over 8 years ago, 08/05/2016
Modifying a non-performing note
Hi!
I recently attended a meetup where the speaker said that if you buy non-performing note, you can work with the borrower to modify the note so they will start paying again. But then she said you can't change the terms or sign a contract for a new loan with the borrower because it may violate the safety act. I had to leave early and couldn't ask for clarification. Can someone please clarify what she meant by that? Doesn't modification require changing loan terms and having the borrower sign a contract agreeing to the new terms? Thanks!