Pennsylvania Sample Letter regarding Modification Agreement
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How to fill out Sample Letter Regarding Modification Agreement?
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FAQ
Making a Loan Modification Letter allows you to seek relief from your lenders when your financial situation changes. Unlike a forbearance, which is typically temporary, a loan modification permanently alters your loan payment plan and is a long-term solution if you do not think your financial situation will improve.
If your modification is temporary, you'll likely need to return to the original terms of your mortgage and repay the amount that was deferred before you can qualify for a new purchase or refinance loan.
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.
If you are looking to request a loan modification, your lender will most likely ask you to write a hardship letter. The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments.
Loan term changes: If you're having trouble making your monthly payments, you may be able to modify your loan and extend your term. This gives you more time to repay your loan and reduces the amount you must pay every month.
