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We are looking into doing a change in terms for a customer whose home loan balloon has come due, to extend the maturity date of the note and mortgage. The original maturity date of the original note and mortgage was 4/4/2024 and due to a couple of payment deferrals, it is now expired.
Would filing a modification mortgage and change in terms to extend the maturity date still be effective although the original date of the mortgage has expired?
This question would need to be asked of your institution’s attorney. There could be specific state laws that need to be addressed with these types of issues.
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