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.
Mississippi Sample Legal Opinion Re Loan Modification
Category:
State:
Mississippi
Control #:
MS-0730-WG
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Word;
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FAQ
You have to be suffering a financial hardship. You have to show you cannot afford your current mortgage payments. You have to be able to show that you can stay current on a modified payment schedule.
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.
Be at least one regular mortgage payment behind or show that missing a payment is imminent. Provide evidence of significant financial hardship, for reasons such as:
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgagesuch as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
A loan modification can relieve some of the financial pressure you feel by lowering your monthly payments and stopping collection activity. But loan modifications are not foolproof. They could increase the cost of your loan and add derogatory remarks to your credit report.
Your name, address, phone number and account number. The type of debt resolution you're seeking. Your financial situation that has caused you to fall behind in your payments. A detailed budget and your plan for making payments (if you want to keep your home)
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.
Forbearance. A forbearance happens when a lender temporarily suspends or reduces payments for the borrower. Rate Reduction. Loan Extension. Repayment Plan.
An income and expenses financial worksheet. tax returns (often, two years' worth) recent pay stubs or a profit and loss statement. proof of any other income (including alimony, child support, Social Security, disability, etc.) recent bank statements, and.