HomeMy WebLinkAbout971356RECEIVED 6/7/2013 at 2:05 PM
RECEIVING 971356
BOOK: 813 PAGE: 174
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE
RECORDING REQUESTED BY
RETURN TO:
BANK OF AMERICA, N.A.
ATTN: HOME RETENTION DIVISION
1001 LIBERTY AVE STE 675
PITTSBURGH, PA 15222
Prepared by:
STEPHEN BURROWS
BANK OF AMERICA
1001 LIBERTY AVE STE 675
PITTSBURGH, PA 15222
4030037777
LOAN MODIFICATION AGREEMENT
GRANTOR: DENNIS J. FROST AND NANCY H. FROST
GRANTEE: BANK OF AMERICA, N.A.
PrevRecorded Instrument: Recorded 03/24/2008 BOOK 690 PAGE 261
UNPAID P-gdi ePt $289,157.90
NEW MONEY: $0.00
WHEN RECORDED MAIL TO:
HOME RETENTION RECORDING DEPT.
Attn: Ramona Tongdee
Bank of America, NA
1001 Liberty Ave, SUITE 675
Pittsburgh, PA 15222
866.325.7046 412.325.7046
Loan 189302423
This is to certify that this document has been
prepared by:
&J &JQL.o Authorized Agent
SPACE ABOVE THIS LINE FOR RECORDER'S USE
LOAN MODIFICATION AGREEMENT
Fixed Interest Rate Recorded
This Loan Modification Agreement "Agreement effective on the date set forth below, between DENNIS J
FROST and NANCY H FROST (the "Borrower(s) and Bank of America, N.A. (Lender), amends and
supplements (1) the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument dated the 5th day
of March 2008 and in the amount of $322,200.00 and recorded on the 24th day of March 2008 in Book No. 690,
Page No. 261 as Document No. 000261 in the Official Records of LINCOLN County, in the State of WYOMING,
and (2) the Note bearing the same date as, and secured by, the Security Instrument, which covers the real and
personal property described in the Security Instrument and defined therein as in the 'Property', located at 468
RIVERVIEW DRIVE, ALPINE, WY 83128.
See Exhibit A attached hereto and made a part hereof
If my representations in Section 1 below continue to be true in all material respects, then this Modification
Agreement "Agreement will, as set forth in Section 3 below, amend and supplement (1) the Mortgage or Deed of
Trust "Mortgage on the Property and (2) the Note secured by the Mortgage, and any previous modifications to the
Mortgage and /or Note. 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 here have the meaning given
to them in the Loan Documents.
I have received two copies of this Agreement. After I sign and return one notarized copy of this Agreement to
Lender, I will retain the other copy for my records. This Agreement will not take effect unless the preconditions set
forth in Section 2 below have been satisfied.
1. My Representations and Covenants. I certify, represent to Lender, covenant and agree:
I am experiencing a financial hardship, and as a result, (1) I am in default under the Loan Documents or my
default is imminent, and (2) I do not have sufficient income or access to sufficient liquid assets to make the
monthly mortgage payments now or in the near future.
A. There has been no impermissible change in the ownership of the Property since I signed the Loan
Documents. A Permissible change would be any transfer that the lender is required by law to allow,
such as a transfer to add or remove a family member, spouse or domestic partner of the undersigned in
the event of a death, divorce or marriage.
B. 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 I chose to rely on such income when requesting to qualify for
this Loan Modification "Modification
C. Under penalty of perjury, all documents and information that I (or any third party on my behalf) have
provided to Lender in connection with this Agreement, including the documents and information
regarding my eligibility for the Program, are true and correct.
D. I have made 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 below, Lender determines that any of
my representations in Section 1 above are no longer true and correct, or any covenant in Section 1 has
not been performed, the Loan Documents will not be modified and this Agreement will terminate. In
that event, 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 (1) I return a signed and
notarized copy of this Agreement to Lender, (2) the Lender accepts this Modification by signing it, and
(3) the Modification Effective Date (as defined in Section 3 below) has occurred. I further understand
and agree that Lender will not be obligated to modify the Loan Documents if I fail to meet any of the
requirements under this Agreement.
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3. The Modification. If all of my representations in Section 1 continue to be true in all material respects and all
preconditions to the modification set forth in Section 2 above have been met, the Loan Documents will
automatically become modified on March 1, 2013 (the "Modification Effective Date I understand that if I have
failed to make any payments as a precondition to this modification under a trial period plan or loan workout plan,
this modification will not take effect. The Maturity Date will be: 1st day of April 2038.
A. 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, charges, escrow
advances, and other costs, but excluding unpaid late charges, collectively, "Unpaid Amounts less any
amounts paid to Lender but not previously credited to my Loan).The new principal balance of my Note
will be $289,157.90 (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 that interest will now
accrue on the unpaid interest that is added to the outstanding principal balance, which would not happen
without this Agreement.
B. Interest at the rate of 3.500% will begin to accrue on the New Principal Balance as of 1st day of
February 2013 and the first new monthly payment on the New Principal Balance will be due on 1st day
of March 2013. My payment schedule for the modified Loan is as follows:
Interest at the rate of 3.500% will begin to accrue on the Interest Bearing Principal Balance as of 1st day
of February 2013 at the yearly rate of (See Below Schedule), and the first new monthly payment on the
Interest Bearing Principal Balance will be due on 1st day of March 2013. My payment schedule for the
modified loan is as follows:
Interest Type of
Rate Payment
302 3.500% Principal and
Interest
Months
MOL)(FK v11ON AGM1:iLM1.'N! I amil\
kfm 11,10 (lank of America, N.A.)
Monthly
Principal and
Interest
Payment
Amount
Estimated Monthly
Escrow Payment
Amount*
Total
Monthly
Payment*
Payment
Begins on
$1,441.59 $469.23 may adjust periodically $1,910.82 3/1/2013
If escrow payments are collected by Lender, Lender may adjust such payments periodically in
accordance with applicable law. Therefore, my total monthly payment may change accordingly.
The terms in this Section 3.B. supersede any provisions to the contrary in the Loan Documents, and
previous loan modifications including (but not limited to) provisions for an adjustable or interest -only
rate.
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C. I will be in default if I do not comply with the terms of the Loan Documents, as modified by this Agreement.
We have forgiven $100,000.00 of your loan. This means that it will be permanently subtracted from
your loan balance and you will no longer owe this amount.
4. Additional Agreements. Lender and I agree to the following:
A. All persons, or their authorized representative(s), who signed the Loan Documents have signed this
Agreement, unless (1) a borrower or co- borrower is deceased; (2) the borrower and co- borrower are
divorced and the property has been transferred to one spouse in the divorce decree, meaning that 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 (3)
Lender has waived this requirement in writing.
B. This Agreement supersedes the terms of any modification, forbearance, trial period plan, or loan
workout plan that I previously entered into with Lender.
C. I will comply, except to the extent that they are modified by this Agreement, with all covenants,
agreements, and requirements of the 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 periodically change over the term of my Loan.
D. The Loan Documents are composed of duly valid, binding agreements, enforceable in accordance with
their terms and are hereby reaffirmed.
E. 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. Except as
otherwise specifically provided in, and as expressly modified by, this Agreement, Lender and I will be
bound by, and will comply with, all of the terms and conditions of the Loan Documents.
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.F. 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.F.
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 Lender to make such a charge. Unless an agreement is made
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in writing or applicable law requires interest to be paid on the Funds, Lender shall not be required
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.
G. On and after the Modification Effective Date, and notwithstanding any other provision of the Loan
Documents, 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.
H. On and after the Modification Effective Date, Lender will allow the transfer and assumption of the
Loan, including this Agreement, only 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. On and after the Modification Effective Date, any provision in the Note (or in any addendum or
amendment to the Note) that allowed for the assessment of a penalty for full or partial prepayment of the
Note, is null and void.
J. 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 Lender's procedures to
ensure that the modified mortgage loan is in first -lien position and /or is fully enforceable upon
modification. Under any circumstance and not withstanding anything else to the contrary in this
Agreement, if Lender does not receive such title endorsement(s), title insurance product(s), and /or
subordination agreement(s), the terms of this Agreement will not become effective on the Modification
Effective Date and the Agreement will be null and void. I will allow Lender to attach an Exhibit to this
Loan Modification that will include a Legal Description, recording information of the original security
instrument, and any other relevant information required by a County Clerk's Office to allow for
recording if and when recording becomes necessary for Lender.
K. I will execute such other documents as may be reasonably necessary either to (1) consummate the terms
and conditions of this Agreement; or (2) correct the terms and conditions of this Agreement if an error is
detected after execution of this Agreement. 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 such
corrected Agreement, the terms of the original Loan Documents, or the most recent modified terms
currently in effect, shall continue in full force, and the terms of the original Loan Documents, or the
most recent modified terms currently in effect, will not be modified by this Agreement.
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. If the loan has been registered with MERS, MERS (1) has only
legal title to the interests granted by the borrower in the mortgage and acts solely as nominee for Lender
and Lender's successors and assigns, (2) 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 (3) has the right to take any action
required of Lender, including, but not limited to, releasing and canceling the mortgage loan.
M.
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 Lender's request to execute, acknowledge, initial and deliver to Lender any
documentation Lender deems necessary. If the original promissory note is replaced, Lender hereby
indemnifies me against any loss associated with a demand on the original note. All documents that
Lender requests of me under this shall be referred to as the "Documents." I will deliver the Documents
within ten (10) days after I receive Lender's written request for such replacement.
IISG \i I; NIOI)III(';\ I R)N A(ilil I Single 1'antily
(r 1 I Frank of America, N.A.)
Page d. of 4
As evidence
DENNIS J FROST
y their signatures belo
STATE OF
By:
1.1 SI;A I1. 1i()L)IFI( :A I it ./N FLf'iitNf S■nOr family
tu- 'I+! li,u'i:of;Amciwa, N
e Borrower and the Lender agree to the foregoing.
Date
00//3
NANCY 'I FROST Date
County of 14,1 -D v
On q ,L;Q, -z ,z, 3 Before me, C..'a��.a 1;?�� p se Notary Public, personally appeared
Personally known to me:Tor proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the
same in his /her /their authorized capacity(ies), and that by his/her /their signature(s) on the instrument the
person(s), or entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal. Signature: 0
4--- c s ills M- •f—NO A Y PUBL
COMFY OF F STATE OF
TET N WYOMING
Do Not Write Below This Line MY COMMISSION EXPIRES JULY 10, 2014
THIS SECTION IS FOR INTERNAL Bank of America, N.A. USE ONLY
Dated:
STATE OF
County of
On Before me, Notary Public, personally appeared
Personally known to me, (or proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the
same in his /her /their authorized capacity(ies), and that by his/her /their signature(s) on the instrument the
person(s), or entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal. Signature:
STATE OF
DO NOT WRITE BELOW THIS LINE.
THIS SECTION IS FOR INTERNAL USE ONLY
Bank of America, N.A., for itself or as successor by merger to BAC Home Loans Servicing, LP
By: Urban Settlement Services, LLC, 1 atto fact
ated:April 26, 2013
Name: BRIANNA ROSENBERG
Title ASSISTANT SECRETARY
[Space below this line for Acknowledgement]
COLORADO
COUNTY OF BROOMFIELD
On 4/26/2013 before Me,SHERRY LYNN BROWN Notary Public, personally appeared
BRIANNA ROSENBERG personally known to me (or proved to me on
the basis of sa tory evidence) to be the person(s) whose name(s) is /are subscribed to the within
instrument a •wledged to me that he /she /they executed the same in his /her /their authorized
capacity and -t by his/her /their signature(s) on the instrument the person(s), or entity upon
behalf o erson(s) act- xecuted the instrument.
WITNE -nd a offi seal.
Notary Signature
Notary Public Printed Name Please Seal Here
DECEMBER 27, 2 015 Notary Public Commission Expiration Date
i
LYNN BROWN i
t' ;1' pUOUC, STATE OF COL0 0 t'
r NOlA
20� 5
exp'vcs Decern�er 27
Legal Description
Lot 96 of River View Meadows Second Addition to the Town of Alpine, Lincoln
County, Wyoming as described on the official plat filed on February 11, 1994 as
instrument No 718568 of the records of the Lincoln County Clerk.
0181