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Simple loan modification agreement

Loan modification agreement 2012 form-2025

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The document is a Loan Modification Agreement between a Borrower and Lender, which amends the terms of an existing mortgage or loan. It establishes a fixed interest rate for the unpaid principal balance, outlines the payment schedule, and specifies conditions under which the Lender can demand full repayment. The agreement also clarifies that all other obligations under the original loan documents remain in effect, except for certain provisions that are canceled. Additionally, it details the responsibilities of the Borrower regarding payments and costs associated with the modification.

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Click ‘Get Form’ to open the loan modification agreement 2012 form in the editor.
Begin by filling in the date at the top of the form, indicating when the agreement is made.
Enter the names of both the Borrower and Lender in their respective fields to identify the parties involved.
Provide details about the original Mortgage or Security Instrument, including its recording information and date.
Fill in the Property Address where the loan is secured, ensuring accuracy for legal purposes.
Specify the Unpaid Principal Balance amount as of a certain date, along with any applicable interest rates and payment terms.
Review and complete any additional clauses regarding property transfer and compliance with covenants outlined in sections 3 and 4.
Finally, ensure all parties sign and date the document at the bottom to finalize the agreement.

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Versions	Form popularity	Fillable & printable
2014	4.9 Satisfied (380 Votes)
2012	4 Satisfied (57 Votes)

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What is a loan modification form?

It is a negotiation with your mortgage lender to create a new agreement that modifies the original terms of your mortgage. If you have a long-term inability to pay your mortgage, a loan modification could be an option if you wish to keep your home.

What is a standard loan modification?

Standalone Loan Modification: A Loan Modification is a permanent change to one or more terms of your mortgage. The modification resolves the past due mortgage payments by adding that amount to the principal loan balance of the first mortgage and extending the term of the mortgage at a fixed interest rate.

What is the purpose of a loan modification?

A loan modification is an agreement between a lender and a borrower that changes (modifies) the terms of a loan to make the monthly payment more affordable. Changes may be made to the interest rate or to the number of years the borrower has to repay the loan.

How to get a loan modification letter?

In order to obtain a loan modification, you need to contact your lender. They will have you compete an application and a hardship letter. The application will specify how much you make, your debts and monthly expenses. The hardship letter will detail why you need a loan modification.