HomeMy WebLinkAbout976505Investor Loan 203936297
WHEN RECORDED MAIL TO:
Bank of America, N.A.
11802 Ridge Parkway, Suite 100
Broomfield, CO 80021
Prepared by: r y \r aw,5
Bank Ia m d N.A s l oC� e rnoinigeid CD "f
Document No. 522135702777105
A939W- r n I� 181
p_esirao C6� S ace Above ecor i Use 19
LOAN MODIFOCATMN AGREEMENT
(FHA Insured) (FHA -HAMP with Partial Claim)
Borrower "I CARLTON STRINGER AND THERESA COPE
Lender or Servicer "Lender Bank of America, N.A.
Date of first -lien mortgage, deed of trust, or security deed "Mortgage and Note
"Note December 11, 2009
FHA Loan Number: 7528591113960270383118
Property Address "Property 113 Gallup Dr, Etna, WY 83118
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N.A. (rev. 01/16/14) Page 1
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This Document is being recorded by
Rocky. Mountain Title Insurance Agency
of Lindoin as a COURTESY only
976505 5/5/2014 3:05 PM
LINCOLN COUNTY FEES: $39.00 PAGE 1 OF 10
BOOK: 831 PAGE: 837 MORTGAGE
JEANNE WAGNER LINCOLN COUNTY CLERK
111111111111111111111111111111011011111111111111111111111111 I II I II I II
ORIG.MTG 163, 17E-1, q ob
NEW MTG Iy V3 6
NEW MONEY 3
See attached Exhibit "A" for Legal Description
Recording information: Mortgage dated in principal sum of
and recorded in (County and State or
Other Jurisdiction) on in Liber /Book Page(s)
Instrument Number
MERS '100025500003639349
"MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate
corporation that is acting solely as a nominee for Lender and Lender's successors and
assigns. MERS is 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.
Important Disclosures: The Federal Housing Administration (FHA) requires that
Lender provide you with information to help you understand the modified mortgage and
partial claim terms that are being offered to you. Lender must timely provide you with
clear and understandable written information about the terms, costs, and risks of the
modified mortgage and partial claim to enable Borrower to make informed decisions.
This information is included below. Please read it carefully.
If my representations in Section 1 are still true in all material respects and if I have
satisfied all of the preconditions in Section 2, this Loan Modification Agreement
"Agreement will, as set forth in Section 3, modify (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 called the "Loan Documents." If there is more
than one borrower or mortgagor executing this document, each is referred to as "I," "my"
includes "our," and the singular includes the plural and vice versa. Capitalized terms
used in this Agreement and not otherwise defined have the meanings set forth in the
Mortgage and /or Note, as applicable.
1. My Representations. I certify, represent to Lender, and agree:
A. I am experiencing a financial hardship caused by a verifiable loss of income
or increase in living expenses. As a result, (1) I am in default under the Loan
Documents and (2) I do not have sufficient income or access to sufficient
liquid assets to make the monthly mortgage payments due under the Loan
Documents.
B. I live in, and plan to continue to live in, the Property as my principal
residence. The Property has not been condemned and has no material
adverse physical condition(s). The Property has no more than four units.
C. I am not a borrower on any other FHA insured mortgage.
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N.A. (rev. 01/16/14) Page 2
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D. Except as approved in writing by the FHA or Lender, there has been no
change in the ownership of the Property after I signed the Loan Documents.
E. Under penalty of perjury, I provided Lender with full and complete information
that, when provided, accurately stated my income, expenses, and assets. To
the extent requested by Lender, I provided documents that supported that
information. However, I was not required to disclose child support or alimony,
unless I chose to rely on such income to qualify for the FHA -Home Affordable
Modification Program "Program or for another loss mitigation option.
F. I have made the trial period plan payments required under the Program.
G. I currently have sufficient income to support the financial obligations under
the Loan Documents, as modified by this Agreement.
2. Acknowledgements and Preconditions to Modification. I understand,
acknowledge, and agree:
A. As a precondition to receiving this proposed modification of the Loan
Documents, I must accept and fully execute the FHA's required subordinate
mortgage loan (also called a Partial Claim Note and Security Instrument). I
have reviewed and approved the terms of such subordinate loan.
B. Lender has no obligation to make any modification of the Loan Documents if 1
any of the requirements under this Agreement has not been met.
C. Prior to the Modification Effective Date (as defined in Section 3), if Lender
determines that any of my representations in Section 1 are no longer true and
correct, (1) the Loan Documents will not be modified, (2) this Agreement will
not be valid, and (3) Lender will have all of the rights and remedies provided
by the Loan Documents.
D. The Loan Documents will not be modified unless and until (1) Lender
approves this Agreement and (2) the Modification Effective Date (as defined
in Section 3 below) has occurred.
3. The Modification. I understand, acknowledge, and agree:
A. If all of my representations in Section 1 above continue to be true and correct
and all preconditions to the modification set forth in Section 2 above have
been met, the Loan Documents will automatically become modified on April 1,
2014 (the "Modification Effective Date and all unpaid late charges that
remain unpaid will be waived. If I have failed to make any payments that are
a precondition to this modification, this modification will not take effect.
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N A (rev. 01/16/14) Page 3
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B. The new Maturity Date will be: March 1, 2044
C. The new principal balance of my Note will be $141,193.30 (the "New Principal
Balance In servicing your loan, the Bank may have incurred third -party fees
or charges that were not invoiced before we calculated the terms of this
Agreement. If so, these fees and charges will appear on your monthly
statement under "Fees and Charges." These fees and charges will not
accrue interest or late fees. You may pay these fees and charges at any
time. If not previously paid, you must pay these fees and charges at the
earliest of (1) the date you sell or transfer an interest in the Property, (2) the
date you pay the entire New Principal Balance, or (3) the Maturity Date.
D. I promise to pay the New Principal Balance, plus interest, to the order of
Lender.
E. The annual interest rate on the New Principal Balance will be 4.500
beginning April 1, 2014, both before and after any new default. This fixed
interest rate will remain in effect until the principal and interest and all of the
obligations due under the Modified Loan Documents are paid in full.
F. On April 1, 2014 and on the first day of each month thereafter until all of the
obligations due under the Modified Loan Documents are paid in full, Borrower
must make monthly payments of $907.43 (each, a "Monthly Payment Each
Monthly Payment includes principal and interest of $715.41, plus the current
required escrow payment of $192.02. My required escrow payments will likely
adjust periodically in accordance with applicable law. If an escrow adjustment
occurs, my total monthly payment would change accordingly.
G. I will be in default if I do not comply with the terms of the Modified Loan
Documents.
4 Additional Agreements. I understand and agree:
A. I accept the risks of entering into this Agreement. These risks include (but are
not limited to):
(1)
The FHA's subordinate lien will require a balloon payment when I pay
off, sell, or refinance the Property, which may make these things more
difficult to do. The FHA's subordinate lien may also make it more difficult
to get additional subordinate lien financing.
(2) My modified loan will have a fixed interest rate that will not change. As a
result, if the interest rate in my Loan Documents could go up and down
based on changes in an index, my new fixed interest rate might
sometimes be higher than I would have paid before this modification.
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N.A (rev. 01/16/14) Page 4
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I authorize Lender to attach an Exhibit A to this loan modification, which will
include a Legal Description, recording information of the original security
instrument, and any other relevant information required by a County Clerk (or
other recordation office) to allow for recording if and when Lender seeks
recordation.
C. All persons who signed the Loan Documents or their authorized
representative(s) 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, in
which event 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
waived this requirement in writing.
D. This Agreement supersedes the terms of any modification, forbearance, trial
period plan, or workout plan that I entered into with Lender before the date of
this Agreement.
E. All terms and provisions of the Loan Documents, except as expressly
modified by this Agreement, remain in full force and effect and I will comply,
with all covenants, agreements, and requirements of the Loan Documents,
including (but not limited to) my agreement to pay all taxes, insurance
premiums, assessments, Escrow Items, impounds, and all other similar
obligations, the amounts of which may change in accordance with the terms
of my Modified Loan Documents.
P. The Modified Loan Documents are duly valid, binding agreements, enforceable
in accordance with their terms and are hereby ratified and confirmed.
G. I will fully cooperate with Lender in obtaining any title endorsement(s) or
similar title insurance product(s) and /or any subordination agreement(s) that
are necessary or required by Lender's procedures and /or the Program to
ensure that the Mortgage, as modified by this Agreement, is in first priority
lien position and is fully enforceable. The terms of this Agreement will not
become effective, and this Agreement will be null and void, if Lender does
not receive such title endorsement(s), title insurance product(s), and /or
subordination agreement(s) on or before the Modification Effective Date.
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank•of America N A (rev. 01/16/14) Page 5
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H. 1 know that I am only entitled to loss mitigation terms that comply with the
Program. Therefore, if Lender discovers any error in the terms of this
Agreement or in the FHA's required subordinate mortgage loan, I authorize
the Lender to advise me of the error. If I do not accept the corrected terms,
at Lender's option, this Agreement becomes void and of no legal effect. If I
accept the corrected terms, I will execute and promptly return to Lender the
revised and additional documents that will (1) consummate the intended
terms and conditions of this Agreement and /or (2) correct the terms and
conditions of this Agreement (a "Corrected Agreement If I do not sign and
deliver a Corrected Agreement or any additional document required by
Lender to comply with the Program, 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 may not be eligible for the Program.
I. Lender will collect and record, as applicable, personal information about me,
including, but not limited to, my name, address, telephone number, social
security number, credit score, income, payment history, government monitoring
information, and information about account balances and activity "Personal
Information In addition, I consent to the disclosure of my Personal
Information and the terms of the trial period plan and this Agreement by
Lender to (1) any investor, insurer, guarantor, or servicer that owns, insures,
guarantees, or services my first lien or subordinate lien (if applicable)
mortgage loan(s), (2) companies that perform support services for the
Program, and (3) any HUD certified housing counseling agency.
J. If any document related to the Loan Documents and /or this Agreement is lost,
misplaced, or otherwise missing, I will comply with Lender's request to
execute, acknowledge, initial, and deliver to Lender any documents Lender
deems necessary "Replacement Documents I will deliver the Replacement
Documents to Lender within ten days after I receive Lender's written request
for such Replacement Documents.
K. 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.
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N.A (rev. 01/16/14) Page 6
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In Witness Whereof, the Lender and I have executed this Agreement.
(Signatures must be signed exactly as printed, original signature required, no
phottcopi e d)
L
C. ton ri nger
(Must Be Signed Exactly As Printed)
Theresa Cope
(Must Be Signed Exactly As Printed)
y 3
Date
l- VyOlytCACI [Space below this line for Acknowledgement'
STATE OF l�%,ipryuL,Ylq
11.0-4,r,
COUNTY OF 1
On the 3 day ofA 1 in the year 2N4 before me, Lori 2,1�
Notary Public, personally appeared Carlton Stringer and Theresa Cope, 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 l lsye /they executed the same in hlt/h' r /their authorized capacity(ies), and that
by hls/hr /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.
4.
Notary Signatur
Notary Public Pr
tr
S9 of
Wyomr e
ooumv on
unoan
Ur NIL aorevavc•+ c
Notary Public Commission Expiration Date
Loan Modification Agreement (FHA -HAMP Modification with Partial Claim) One- to Four Family
Bank of America N A (rev. 01/16/14) Page 7
1 1011 II 110 1111111 I1191011 1111111091 II III 11101 1119! 11111( IIII III! 100111 11111 11911 11111 11101 IIII 1 11111 11010 1111191119 II 1011110! 1911111111
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Bank of America, N.A., for itself or as successor by merger to BAC Home Loans Servicing, LP
By: Urban Settlement Services, LLC, its attorney in fact
By:
STATE OF COLORADO
COUNTY OF BROOMFIELD
Name: LAURA DUNNELL
Title: AS SISTANT SECRETARY
DO NOT WRITE BELOW THIS LINE.
THIS SECTION IS FOR INTERNAL USE ONLY
Dated: APR 9 2014
(Space below this line for Acknowledgement]
On 4-9- (N before Me, SUSANNA L CADE Notary Public, personally appeared
LAURA DUNNELL Assistant Secretary of Urban Settlement
Services, LLC, attorney in fact for Bank of America, N.A., 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 tc 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.
Notary Signature
Notary Public Printed Name Please Seal Here
FEBRUARY 18 2 0 18 Notary Public Commission Expiration Date
SUSANNA L CADE
Signatures continue on the following page
L M SUSANNA L. CADE
NOTARY PUBLIC
S TATE OF COLORADO
NOTARY ID 20064004986
C ommission Ex fires Fnb.18, 2018
Mortgage Electronic Registration Systems, Inc.,
as Nominee for Bank. of America, N.A., its successors and assigns
By: APR 0 9 2014
CRYSTAL MUAS ASSISTANT SECRETARY
Printed Name and Title
[Space below this line for Acknowledgement]
STATE OF COLORADO
COUNTY OF BROOMFIELD
On day of f�rr i1 in the year before me, SUSANNA L CADE
Notary Public, per onally appeared CRYSTAL MUAS
Assistant Secretary of Urban Settlement Services, LLC, attorney in fact for Bank of
America, N.A., 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.
CAP Notary Signature
SUSANNA L CADE Notary Public Printed Name Please Seal Here
FEBRUARY 18, 2018 Notary Public Commission Expiration Date
SUSANNA L. CADE
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20064004986
M Commission Expires Feb. 18, 2018
Exhibit A
Legal Description
Lot 197 of Nordic Ranches Division No, 13, Lincoln County, Kyom ng as descried
on the official plat filed on October 3, 20Q2 as instrument No, 884.17 of the
records of the Lincoln County Clerk,