Modification Agreement For Mortgage In Philadelphia
State:
Multi-State
County:
Philadelphia
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
The Modification Agreement for mortgage in Philadelphia allows borrowers and lenders to modify the terms of an existing mortgage or deed of trust. This form serves to renew and extend the lien of the original security instrument while clearly outlining new payment terms, interest rates, and obligations. Key features include sections on co-grantor liability, note payment terms, and borrower rights regarding prepayment. Filling instructions include specifying the modification date, addresses, and payment details accurately. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in real estate transactions or foreclosure proceedings, as it provides a clear legal framework for modifications. It assures compliance with lending regulations while facilitating negotiation between the parties involved. Utilizing this Agreement ensures both lender security and borrower clarity, establishing mutual understanding of revised payment obligations.
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FAQ
After processing your application, which can take 90 days or longer, your lender may ask you to make a series of three trial payments. These payments are likely to be lower than your current payment amount, but may or may not reflect the payments proposed in a final mortgage modification offer.
A mortgage modification changes the terms of your original mortgage agreement. Your lender will work with you to try and find a way to lower your monthly payment by adjusting the terms of your current mortgage. The goal is to help you get back on track.
