This form is a sampel Legal Opinion written by counsel regarding a review of loan documents in connection with a loan modification within the state of Mississippi.
Loan Modification Lawyer Mississippi Foreclosure
Category:
State:
Mississippi
Control #:
MS-0730-WG
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Word;
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How to fill out Mississippi Sample Legal Opinion Re Loan Modification?
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FAQ
A mortgage loan modification is one of the most common types of loss mitigation, the term for techniques to prevent a foreclosure. The modification changes the original terms of the promissory note to reduce the amount of the monthly payments, usually while lengthening the term of the mortgage to compensate.
Who Can Qualify for a Home Mortgage Modification? Unemployment or other loss of income. Increased living expenses. Medical bills. Divorce or separation. Death of a family member. Disability. You are ineligible to refinance. You are at least one regular mortgage payment behind or show that missing a payment is imminent.
Sample Loan Modification Letter I am writing to request a loan modification in order to continue making payments on my loan. The account number is . Based on my and expenses, I cannot make my loan payments. In place of my payment of per month, I ask that you alter my payments to , which will be paid .
The lender will require certain documents if you request a loan modification. These include bank statements, pay stubs, tax returns, your budget, and a hardship letter. The loan servicer might ask for other documents as well.
The modification can reduce your monthly payment to an amount you can afford. Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.