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Loan Modification Agreement

Loan Modification Agreement

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Published by sadanand

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Published by: sadanand on Feb 01, 2010
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06/08/2010

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LOAN MODIFICATION AGREEMENT
 This Loan Modification Agreement (the “Agreement”), made and effective this 1st day of February,2010,
BetweenABC Mortgage INC
(herein after the “Lender”)and
Stephen Harvey
(hereinr the “Borrower”), Together the lender and borrower referred to as ‘the parties’ modifies and amends certain terms of Borrower’s indebtedness evidenced by (1) the Promisory Note (the “Note”) to Lender dated the 5thday of August, 1998, in the original principal sum of U.S. $50000 and secured by (2) the Mortgage,(the “Security Instrument”), dated the same date as the Note and recorded in Book of NewportBeach, at pages 1026 to 134, of the Newport Beach Records of Orange County, California. TheSecurity Instrument covers the real and personal property described in the Security Instrument anddefined as the “Property”, located at:4385 Anthony Court, Suite 400Newport Beach, CA 92660In consideration of the mutual promises and agreements exchanged, Lender and Borrower agree asfollows (notwithstanding anything to the contrary contained in the Note and Security Instrument):
1.
Current Balance/unpoaid principal balance:
 
The parties agree that
Asof 1
st
day of Feb 2010, , the amount payable under the Note and Security Instrument(the “Unpaid Principal Balance”) is U.S. $30000.00
2.
Capitalisation :
 The borrower acknoledges that interest on the UnpaidPrincipal has accrued but has not been paid and the Lender has incurred, paid orotherwise advanced taxes, insurance premiums and other expenses necessary toprotect the interest of the Note holder or mortgageee and that such accrued andunpaid interest, costs and expenses in the total amount of $10,836.00 has beenadded to the indebtness under the Terms of the Note and Security Instrument, as of 1/02/2010
3.
Modified principal Balance:
When payments resume on 2/02/2010 the newbalance due on the loan will be $40,836.00 (modified principal balance), whichconsists of $30000.00 plus $10,836.00
4.
Monthly payment:
Borrower promises to pay the Unpaid Principal Balance,plus interest, to the order of Lender on a motnhly basis, beginning on the 2nd day of 
1
 
February, 2010, and continuing thereafter on the same day of each succeedingmonth until principal and interest are paid in full.
5.
Interest Rate
Interest will be charged on the Unpaid Principal Balance at theyearly rate of 5%, beginning 2/02/2010, untill 2/02/2015, both before and after anydefault described in the Note. The yearly rate of 5% will remain in effect untilprincipal and interest is paid in full.
6.
Place of Payment:
Delivery payments. Borrower shall make the montlypayments described herein as follows or at such other place the Lender maydesignate:
AdressABC Mortgage INC
4385 New Avenue Road, Suite 500Newport Beach, CA 926606.
Partial Payments:
Borrower may make a full prepayment or partialprepayments without paying any prepayment charge. Lender will use theprepayments to reduce the amount of principal that Borrower owes under theNote. However, Lender may apply the Prepayment to the accrued and unpaidinterest on the prepayment amount before applying the prepayment toreduce the principal amount of the Note. If Borrower makes a partialprepayment, there will be no changes in the due dates or the amount of themonthly payments unless Lender agrees in writing to those changes.7.
Property Transfer
: If all or any part of the Property or any interest in theProperty is sold or transferred (or if Borrower is not a natural person and abeneficial interest in Borrower is sold or transferred) without Lender’s priorwritten consent, Lender may require immediate payment in full of all sumssecured 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 fromthe date the notice is given in accordance with Section 15 of the SecurityInstrument, within which Borrower must pay all sums secured by the SecurityInstrument. If Borrower fails to pay these sums prior to the expiration of thisperiod, Lender may invoke any remedies permitted by this SecurityInstrument without further notice or demand on Borrower.
2

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