Washington Sample Letter regarding Modification Agreement
Description
How to fill out Sample Letter Regarding Modification Agreement?
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FAQ
Often, a homeowner won't get approved for a loan modification unless there is evidence of one or several missed payments. Those missed payments hurt your credit score. A home loan modification does the same.
Once the lender receives your signed documents, they will: Review your signatures, sign the documents themselves, and then record the loan modification.
What Is A Loan Modification? A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.
A typical Loan Modification Letter outlines your situation before the financial hardship occurred, and then describes your current financial situation and why you are unable to adhere to your original loan terms.
It is essentially a brand new loan. Pros and cons: The benefit of a traditional loan modification is that the loan is brought current. The shortcomings are that it is essentially a new mortgage and you will have another 30-years+ of mortgage payments.
Our situation has got better because (reason here) and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower or delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.
A modification agreement is meant for all changes to the loan which represent a new agreement between the parties different from the initial agreement. Typically, this will be used for material terms such as the maturity date, interest rate, an increase or decrease in the loan amount, or an adjustment to holdbacks.
