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HomeMy WebLinkAbout960837Investor Loan 804485 After Recording Return To: Brown Associates 2316 Southmore Pasadena, TX 77502 This document was prepared by Brown Associates Space Above This Line For Recording Data RECEIVED 9/6/2011 at 12:38 PM RECEIVING 960837 BOOK: 772 PAGE: 146 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MODIFICATION AGREEMENT (Step Two of Two -Step Documentation Process) 000146 Borrower "I William Aullman and Suzanne Aullman Lender or Servicer "Lender Litton Loan Servicing LP Date of first lien mortgage, deed of trust, or security deed "Mortgage and Note "Note 5/5/2003 Original Loan Amount: $195,500.00 Mortgage Recording Information: Book 520 Page 009 and /or Document/Instrument Number 889760 Loan Number: 12978532 Offer ID Number: 2631172 Property Address "Property 300 West Wood Lane, Thayne, WY 83127 Legal Description: See Attached Exhibit "A" Parcel: 12- 3418- 23 -2 -02 -023.0 If my representations in Section 1 continue to be true in all material respects, then this Modification Agreement "Agreement will, as set forth in Section 3, amend and supplement (1) the Mortgage on the Property, and (2) the Note secured by the Mortgage. The Mortgage and Note together, as they may previously have been amended, are referred to as the "Loan Documents." Capitalized terms used in this Agreement and not defined have the meaning given to them in Loan Documents. I understand that after I sign and return two copies of this Agreement to the Lender, the Lender will send me a signed copy of this Agreement. This Agreement will not take effect unless the preconditions set forth in Section 2 have been satisfied. 1. My Representations. I certify, represent to Lender and agree: A. I am experiencing a financial hardship, and as a result, (i) I am in default under the Loan Documents, and (ii) I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future; B. The Property has not been condemned; C. There has been no change in the ownership of the Property since I signed the Loan Documents; D. I have provided documentation for all income that I receive (and I understand that I am not required to disclose child support or alimony unless 1 chose to rely on such income when requesting to qualify for the Modification); If more than one Borrower or Mortgagor is executing this document, each is referred to as "I." For purposes of this document words signifying the singular (such as "I shall include the plural (such as "we and vice versa where appropriate. MODIFICATION AGREEMENT (page 1 of 7pages) 000147 E. Under penalty of perjury, all documents and information I have provided to Lender in connection with this Agreement, including the documents and information regarding my eligibility for the Modification, are true and correct; F. If Lender requires me to obtain credit counseling in connection with the Modification, I will do so; and G. I have made or will make all payments required under a Trial Period Plan or Loan Workout Plan. 2. Acknowledgements and Preconditions to Modification. I understand and acknowledge that: A. If prior to the Modification Effective Date as set forth in Section 3, the Lender determines that any of my representations in Section 1 are no longer true and correct, the Loan Documents will not be modified and this Agreement will terminate. In that event, the Lender will have all of the rights and remedies provided by the Loan Documents; and B. I understand that the Loan Documents will not be modified unless and until (i) I receive from the Lender a copy of this Agreement signed by the Lender, and (ii) the Modification Effective Date (as defined in Section 3) has occurred. I further understand and agree that the Lender will not be obligated or bound to make any modification of the Loan Documents if I fail to meet any one of the requirements under this Agreement. 3. The Modification. If my representations in Section 1 continue to be true in all material respects and all preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically become modified on 9/1/2011 (the "Modification Effective Date and all unpaid late charges that remain unpaid will be waived. I understand that if I have failed to make any payments as a precondition to this modification under a workout plan or trial period plan, this modification will not take effect. The first modified payment will be due on 9/1/2011. A. The new Maturity Date will be: 7/1/2033. B. The modified principal balance of my Note will include all amounts and arrearages that will be past due as of the Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding unpaid late charges, collectively, "Unpaid Amounts less any amounts paid to the Lender but not previously credited to my Loan. The new principal balance of my Note will be $241,778.88 (the "New Principal Balance I understand that by agreeing to add the Unpaid Amounts to the outstanding principal balance, the added Unpaid Amounts accrue interest based on the interest rate in effect under this Agreement. I also understand that this means interest will now accrue on the unpaid Interest that is added to the outstanding principal balance, which would not happen without this Agreement. MODIFICATION AGREEMENT (page 2 of 7pages) Years Interest Rate Interest Rate Change Date Monthly Principal and Interest Payment Amount Estimated Monthly Escrow Payment Amount* Total Monthly Payment* Payment Begins On Number of Monthly Payments 1 -5 2.000% 8/1/2011 $884.73 $248.29, may adjust periodically $1,133.02, may adjust periodically 9/1/2011 60 6 3.000% 8/1/2016 $991.47 May adjust periodically May adjust periodically 9/1/2016 12 7 4.000% 8/1/2017 $1,101.29 May adjust periodically May adjust periodically 9/1/2017 12 8 -22 4.625% 8/1/2018 $1,170.71 May adjust periodically May adjust periodically 9/1/2018 179 C. Interest at the rate of 2.000% will begin to accrue on the New Principal Balance as of 8/1/2011 and the first new monthly payment on the New Principal Balance will be due on 9/1/2011. My payment schedule for the modified Loan is as follows: *The escrow payments may be adjusted periodically in accordance with applicable law and therefore my total monthly payment may change accordingly. The above terms in this Section 3.C. shall supersede any provisions to the contrary in the Loan Documents, including but not limited to, provisions for an adjustable or step interest rate. I understand that, if I have a pay option adjustable rate mortgage loan, upon modification, the minimum monthly payment option, the interest -only or any other payment options will no longer be offered, and that the monthly payments described in the above payment schedule for my modified loan will be the minimum payment that will be due each month for the remaining term of the loan. My modified loan will not have a negative amortization feature that would allow me to pay less than the interest due, resulting in any unpaid interest to be added to the outstanding principal balance. D. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement. E. If a default rate of interest is permitted under the Loan Documents, then in the event of default under the Loan Documents, as amended, the interest that will be due will be the rate set forth in Section 3.C. F. I agree to pay in full the Deferred Principal Balance and any other amounts still owed under the Loan Documents by the earliest of: (i) the date I sell or transfer an interest in the Property, (ii) the date I pay the entire Interest Bearing Principal Balance, or (iii) the new Maturity Date. G. If I make a partial prepayment of Principal, the Lender may apply that partial prepayment first to any Deferred Principal Balance before applying such partial prepayment to other amounts due. H. THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE. LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENTS OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER YOU HAVE THE LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN IF YOU OBTAIN REFINANCING FROM THE LENDER. MODIFICATION AGREEMENT (page 3 of 7 pages) 000148 000149 4. Additional Agreements. I agree to the following: A. That all persons who signed the Loan Documents or their authorized representative(s) have signed this Agreement, unless (i) a borrower or co- borrower is deceased; (ii) the borrower and co- borrower are divorced and the property has been transferred to one spouse in the divorce decree, the spouse who no longer has an interest in the property need not sign this Agreement (although the non signing spouse may continue to be held liable for the obligation under the Loan Documents); or (iii) the Lender has waived this requirement in writing. B. That this Agreement shall supersede the terms of any modification, forbearance, Trial Period Plan or Workout Plan that I previously entered into with Lender. C. To comply, except to the extent that they are modified by this Agreement, with all covenants, agreements, and requirements of Loan Documents, including my agreement to make all payments of taxes, insurance premiums, assessments, Escrow Items, impounds, and all other payments, the amount of which may change periodically over the term of my Loan. D. Funds for Escrow Items. I will pay to Lender on the day payments are due under the Loan Documents as amended by this Agreement, until the Loan is paid in full, a sum (the "Funds to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over the Mortgage as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under the Loan Documents; (d) mortgage insurance premiums, if any, or any sums payable to Lender in lieu of the payment of mortgage insurance premiums in accordance with the Loan Documents; and (e) any community association dues, fees, and assessments that Lender requires to be escrowed. These items are called "Escrow Items." I shall promptly furnish to Lender all notices of amounts to be paid under this Section 4.D. I shall pay Lender the Funds for Escrow Items unless Lender waives my obligation to pay the Funds for any or all Escrow Items. Lender may waive my obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, I shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. My obligation to make such payments and to provide receipts shall, for all purposes, be deemed to be a covenant and agreement contained in the Loan Documents, as the phrase "covenant and agreement" is used in the Loan Documents. If I am obligated to pay Escrow Items directly, pursuant to a waiver, and I fail to pay the amount due for an Escrow Item, Lender may exercise its rights under the Loan Documents and this Agreement and pay such amount, and I shall then be obligated to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with the Loan Documents, and, upon such revocation, I shall pay to Lender all Funds, and in such amounts, that are then required under this Section 4.D. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under the Real Estate Settlement Procedures Act "RESPA and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items, or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured), or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge me for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays me interest on the Funds and applicable law permits MODIFICATION AGREEMENT (page 4 of 7 pages) Lender to make such a charge. Unless an agreement is made in writing or applicable law requires interest to be paid on the Funds, Lender shall not be required to pay me any interest or earnings on the Funds. Lender and I can agree in writing, however, that interest shall be paid on the Funds. Lender shall provide me, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to me for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify me as required by RESPA, and I shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify me as required by RESPA, and I shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by the Loan Documents, Lender shall promptly refund to me any Funds held by Lender. E. That the Loan Documents are composed of duly valid, binding agreements, enforceable in accordance with their terms and are hereby reaffirmed. F. That all terms and provisions of the Loan Documents, except as expressly modified by this Agreement, remain in full force and effect; nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the obligations contained in the Loan Documents; and that except as otherwise specifically provided in, and as expressly modified by, this Agreement, the Lender and I will be bound by, and will comply with, all of the terms and conditions of the Loan Documents. G. That, as of the Modification Effective Date, notwithstanding any other provision of the Loan Documents, I agree as follows: If all or any part of the Property or any interest in it is sold or transferred without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by the Mortgage. However, Lender shall not exercise this option if state or federal law, rules or regulations prohibit the exercise of such option as of the date of such sale or transfer. If Lender exercises this option, Lender shall give me notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which I must pay all sums secured by the Mortgage. If I fail to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by the Mortgage without further notice or demand on me. H. That, as of the Modification Effective Date, I understand that the Lender will only allow the transfer and assumption of the Loan, including this Agreement, to a transferee of my property as permitted under the Garn St. Germain Act, 12 U.S.C. Section 1701j -3. A buyer or transferee of the Property will not be permitted, under any other circumstance, to assume the Loan. Except as noted herein, this Agreement may not be assigned to, or assumed by, a buyer or transferee of the Property. I. That, as of the Modification Effective Date, if any provision in the Note, or in any addendum or amendment to the Note allowed for the assessment of a penalty for full or partial prepayment of the Note, such provision is null and void. J. That, I will cooperate fully with Lender in obtaining any title endorsement(s), or similar title insurance product(s), and /or subordination agreement(s) that are necessary or required by the Lender's procedures to ensure that the modified mortgage loan is in first lien position and /or is fully enforceable upon modification, and that if, under any circumstance, and not withstanding anything else to the contrary in this Agreement, the Lender does not receive such title endorsement(s), title insurance product(s) and /or subordination agreement(s), then the terms of this Agreement will not become effective on the Modification Effective Date and the Agreement will be null and void. MODIFICATION AGREEMENT (page 5 of 7 pages) 000150 K. That I will execute such other documents as may be reasonably necessary to either (i) consummate the terms and conditions of this Agreement; or (ii) correct the terms and conditions of this Plan if an error is detected after execution of this Agreement. I understand that a corrected Agreement will be provided to me and this Agreement will be void and of no legal effect upon notice of such error. If I elect not to sign any such corrected Agreement, the terms of the original Loan Documents shall continue in full force and effect, such terms will not be modified by this Agreement, and I will not be eligible for a modification under the Modification. L. Mortgage Electronic Registration Systems, Inc. "MERS is a separate corporation organized and existing under the laws of Delaware and has an address and telephone number of P.O. Box 2026, Flint, MI 48501 -2026, (888) 679 -MERS. In cases where the loan has been registered with MERS, who has only legal title to the interests granted by the borrower in the mortgage, and who is acting solely as nominee for Lender and Lender's successors and assigns, MERS has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling the mortgage loan. M. I agree that if any document related to the Loan Documents and /or this Agreement is lost, misplaced, misstated, inaccurately reflects the true and correct terms and conditions of the loan as modified, or is otherwise missing, I will comply with the Lender's request to execute, acknowledge, initial and deliver to the Lender any documentation the Lender deems necessary. If the original promissory note is replaced, the Lender hereby indemnifies me against any loss associated with a demand on the original note. All documents the Lender requests of me under this Section 4.N. shall be referred to as "Documents." I agree to deliver the Documents within ten (10) days after I receive the Lender's written request for such replacement. N. If my Loan Documents govern a home equity loan or line of credit, then I agree that as of the Modification Effective Date, I am terminating my right to borrow new funds under my home equity loan or line of credit. This means that I cannot obtain additional advances, and must make payments according to this Agreement. (Lender may have previously terminated or suspended my right to obtain additional advances under my home equity loan or line of credit, and if so, I confirm and acknowledge that no additional advances may be obtained.) In Witness Whereof, the Lender and I have executed this Agreement. U.S Bank National Association, as Trustee relating to the Asset Backed Pass Through Certificates, Serie 003 -HE4 with Litton Loan Servicing LP as servicer ItAlt y: Lori A. Lowe Title: Asst Vice President of Litton Loan Servicing LP 20110712_PM CB ModTrack Export.txt MODIFICATION AGREEMENT (page 6 of 7pages) illiam Aullman 7-2 -7/ Date Suzanne A' Ilman Date 000151 BORROWER ACKNOWLEDGMENT State of LO 1.tiY`(\. n-Ct- V rj County of )z f\-0-0( 11 On this N.P 4 before me, the undersigned, a Notary Public, for the aforesaid county an state, my commissioned and sworn, personally appeared William Auliman and Suzanne Auliman, to me known to be the person (or persons) described in and who executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said person (or persons). (Seal) Witness my hand and official seal hereto affixed the day and year first above written. C 1 Notary Public Printed Name: IO3\A. p My Commission expires: q STATE OF TEXAS COUNTY OF HARRIS I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgements, personally appeared Lori A. Lowe, Assistant Vice President of Litton Loan Servicing LP as Servicer well known to me to be the person and to hold such office, and that she acknowledged: 1. That she executed the same in my presence freely and voluntarily 2. That she is the proper corporate officer to perform such acts: (a) That such act was taken under authority duly vested in her by said corporations by proper resolution of its Board of Directors; (b) That she signed this proof to attest to the truth of these facts. SIGNED AND SWORN TO before me on this 47, 2011. WITNESS my hand and seal in the County and State last aforesaid -fin r o Notary Public in and for the State of Texas MODIFICATION AGREEMENT (page 7 of 7 pages) DIANA FLUD NOTARY PUBLIC County of Le: State of Lincoln Wyomin My Commission Expires 11 q LENDER ACKNOWLEDGMENT 000152 ANN BERNAL NOTARY PUBLIC STATE OF TEXAS COMMISSION EXPIRES 01.23.2013 000153 Legal Description Part of Section 23, T34N R119W of the 6th P.M., Lincoln County, Wyoming, more particularly described as follows: BEGINNING at a point 110 feet West and 262 Feet North of the Southeast corner of the NW% of said Section 23 and running thence West 114 feet; thence North 110 feet; thence East 114 feet; thence South 110 feet to the POINT OF BEGINNING.