I was reading a Loan Modification Agreement from Nationstar and ran into this information.
Heading: In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows (notwithstanding anything to the contrary contained in the Note or Security Instrument)
1. Amount unpaid
2. New terms
3. Failure to Timely Payments
4. If all or any part of the Property or any interest in the Property is sold or transfered (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without the Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by the Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums prior to the expiration of this period, Lender may invoke any remedies permitted by the Security Instrument without further notice or demand on Borrower.
After I looked at #4 of the modification I realized what it said. If the property is placed in the EHT, it is not sold or transferred under the law.
Any comments?