South Carolina Loan Modification Agreement

State:
South Carolina
Control #:
SC-LR006
Format:
Word; 
Rich Text
Instant download

Description

This form is an agreement between you and your mortgage company to change the original terms of your mortgage-such 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.
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  • Preview Loan Modification Agreement
  • Preview Loan Modification Agreement
  • Preview Loan Modification Agreement
  • Preview Loan Modification Agreement
  • Preview Loan Modification Agreement
  • Preview Loan Modification Agreement

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FAQ

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:

Yes, probably. In California, a law called the Homeowner Bill of Rights (HBOR) generally gives borrowers the right to appeal a modification denial. Under HBOR, in most cases, if the servicer denies a borrower's application to modify a first lien loan, the borrower can appeal.

You should contact the lender's loss and mitigation department to discuss the reason of you loan modification rejection. Possible reasons for a modification rejection include insufficient income, high debt-to-income ratio, missing documents, or delinquent credit history.

Some of the most common types of hardship are: job loss, pay reduction, underemployment, declining business revenue, death of a coborrower, illness, injury, and divorce.

A lender may agree to a loan modification during a settlement procedure or in the case of a potential foreclosure.A loan modification agreement is a long-term solution. A loan modification may involve a reduced interest rate, a longer period to repay, a different type of loan, or any combination of these.

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South Carolina Loan Modification Agreement