I hear that one can now do a loan modification online as opposed to closing at the lender's office or attorney's office.  Is that so?

Yes.  In fact, some lenders are already entering into loan modification programs.  Equra Loan Services has already began offering electronic loan modifications (E-mods) to delinquent borrowers in an effort to improve and accelerate borrower acceptance and loan compliance.  The company is using a technology to prepare and present the e-mods to borrowers with loans that it services for investors and from its own funds.  The borrowers are invited to view the loan modifications documents online and review them on a real time basis with a representative from the company's loan center.  If the borrowers agree to the modifications, they can -sign the documents online without having to leave their homes.  Some lenders have already begun doing closings online as well.  It is an objective of the Electronic Signature Act that all loan documents and government documents at one point become digital and that we have a paperless process for financial transactions.

If you have questions about this or any other real estate matter, please contact Tom Bennett at (617) 531-6574 or tvb@barronstad.com.