201701657 - Laserfiche WebLink

Browse

1 ` � 2� 17� 1 �57 ♦ � \ � �understand and acknowledge that: A. If prior to the Modification Effecti�e Date as set for�h in Section 3 the Lender determines that my representations in Section 1 are na longer true and correct, the Laan Documents w�ll not be modif ed and this Agreement will terminate.In this e�ent,the Lender will ha►ve ail of the rights and remedies pro�ided by the Loan Documents;and . B. I understand that the Loan Documents r�vill not be modif ed unless and unti� �i} I r�cei�e from the Lender a capy of this Agreement signed by the Lender,and�ii}the Modification Effec�i�e Date tas def ned in Section 3} has occurred. I fur�her understand and agree that the Lender will nat be obtigated ar bound t�make any modification of the Loan Documents if I fail to meet any one af the reyuirements under this Agreement. �. If included, the undersigned borrower�s} acknowledges receipt and acceptance of the Notice of Special Flood Hazard disclosure. 3. The Modifi�ation. If my representations in Sec�ian I continue to be true in all materiai respects and a�� preconditions to the modif cation set for�h in Section 2 ha�e been met, the Loan Docum�nts will automatically become m�dified on APRIL 1, Z417 �the "Modiftcation Effecti�e Date") and aI� unpaid Iate charges that remain unpaid wi11 be wai�ed.I understand that if I ha�e failed to make aIl required payments as a precondition to this modif cation under a workaut plan or trial period plari, the Lender has the right to re�ect this Agreement e�en if Y ha�e signed and returned this Agreement.The f rst modif ed payment will be due an APR�L I,2017. A. The new Maturity Date wYll be:MARCH 1,Z047. B. The modified principal baiance of my Nate will in��ude amounts and arrearages that v�ill be past due as of the Modification Effecti�e I�ate. This does nat include unpaid late charges, �aluation, property preserWation and other charges not permitted under the terms af the FHA Home Affordable Madification Program.Permitted amounts and arrearages may include unpaid and deferred interest, fees, escrow ad�ances and ather costs �ess any amounts paid to the Lender but not pre�iously credited to my Loan,collectively"Unpaid Amounts";the pnrtion of Unpaid Amounts capitalized is 52,320.82. The new principal balance of my Note will be $91,658.05 �the "New Principal Balance"}which includes the capitalized Unpaid Amaunts. Y understand that by agreeing ta add the Unpaid Amounts to the outstanding principal ba�ance, the added Unpaid Amounts accrue xnterest based on the interest rate in effect under this Agreement. I also understand that�his means interest will now accrue �n the unpaid Interest that is added to the outstanding principal bafance, which wfluld not happen without this Agreement. C. Interest at the rate of 3.6250% wiil begin to accrue on the Interest Bearing Principal Balance as of MARCH 1,2a17 and the first new monthly payment on the Interest Bearing Principal Ba�ance will be due vn APRIL 1,Z�17.Interes#due on each monthly payment wi�� be ca�culated by muitip�ying th� New Principalllnterest Bearing Principal Balance and the interest rate in effect at the time of caleuiation and di�iding the result by twel�e (12}. My payment schedule for the modified Loan is as follows: Wells Fargo Gustom FHA Home AfFordable Modificati�n Agreemcnt 936�� 12t520�6 44S Page 3