A loan modification document is created and signed by the involved parties because they need to make certain changes to the existing loan and their agreement. The document is normally made because the person who has borrowed the principal amount is unable to pay it in the decided timeframe and wants an extension. There could be different types of arrangements made to the primary loan agreement, such as:
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The loan modification document is normally made with the help and assistance of an attorney or someone licensed to perform the deed. This is why working with us at PDX Signing will be helpful for the changes. Our team of professionals will assist you with all the necessary documents you need as a lender or a borrower to aid you with your modification process.
Ideally, the loan modification document in Portland, Beaverton, and Hillsboro is only made for those who are contractually obliged to fulfill their agreement and find themselves in a financial crisis, unable to do so. It is different from other agreements, such as the forbearance agreement, which is made to offer the borrower some relief for a short time period. This is a long-term arrangement made between the lender and borrower.
The reason behind why the lender would agree to this arrangement instead of a settlement procedure or a foreclosure case is because it could turn out to be a lot more expensive than the alternative. So, it would make more sense to make amendments to the existing loan agreement than to go ahead with any other form of settlement.
It also helps the borrower avoid foreclosure, especially when the loan agreement is a mortgage. There are requirements that the borrower has to fulfill to be eligible for the loan modification. Most lenders look at the following aspects of the borrower to understand whether or not it would be viable for them to opt for the loan modification agreement:
The loan modification document is usually made when a large amount of debt needs to be repaid. If the pending loan amount is a small one, the lender will be less likely to agree to sign the document because it will mean that he will have to wait a lot longer to get the amount he is due, which eliminates the incentive on his end.
The borrower and the guarantor are the two parties who request the loan modification agreement, and the lender needs to set the modified terms of repayment and draft the agreement. Another thing that you as a borrower needs to make certain of to the lender is that they have no offsets, defenses or claims against the lender when the agreement is executed. Any and all prior claims or counterclaims that they may have had get waived once the loan modification document comes into effect.
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Some of the documents that the lender and borrower are required to present for a loan modification document in Portland, Hillsboro and Beaverton include the following:
