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HomeMy WebLinkAbout897803Firm Solutions, LLC 91' 19 Corporate Lake Drive, Suite 300 T,'unpa, Florida 3363'4 ATTN: Kim Poirier Loan Number: 291959:~, File Number: M04000213 RECEIVED LII',IOOLt.] OOUr,!T¥ OLERK LOAN MODIFICATION AGREEMENT (Providing for Adjustable Interest Rate) This Loan Modification Agreement ("Agreement"), effective this February 1, 2004, between CRAIG P. JENKINS, mid GLORIA Y. JENKINS, HUSBAND AND WIFE ("Borrower"), and whose mailing address is PO BOX 3423, QUARTZ HILL, CA 93586 and Wells Fargo Bank Northwest, National Association, ("Lender") whose address is 1 Ho~ne Campus, Des Moines, Iowa 50328-0001 amends and supple~neuts (1) the Mortgage, Deed of Trust or Deed to Secure Debt ("Security Instrmnent"), dated January 19, 1999, and recorded on January 22, 1999, in Book 425 at Page(s) 21-27, of the Official Records of Lincoln County, WY, and (2) the Note in the original principal sum of U.S. $33,750.00, bearing the s~une date as, and secured by, the Security Instnmmnt, wlfich covers the real and personal property described in the Security Instrument and defined therein as the "Property", located at LOT 10 RIVER VIEW RANCHETTES, THAYNE, WY 83110 the real property described being set forth as follows: LOT 10 OF THE RIVER VIEW RANCHETTES, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. In consideration of the mutual prmnises and agreements excbanged, the p,-mies hereto agree as follows (notwithstanding anything to the contrary contained in the Note or Security Instrument): 1. As of February 1, 2004, the mnount payable under the Note and the Security Instmtnent (the "Unpaid Principal Balance") is U.S. $ 29,402.43, consisting of the amom~t(s) loaned to the Borrower by the Lender and any interest capitalized to date. 2. STATED INTEREST RATE.From February 1, 2004 until February 1, 2005, the term "Stated Interest Rate" shall mean the lesser of (a) the Maximmn Rate or Cb) 6.5% per annum. Thereafter, until all principal and interest and other amounts are paid under the Note, the Stated Interest Rate will change m accordance with Paragraph 3 of this Agreement. 3. INTEREST RATE AND MONTHLY PAYMENT CHANGES. (a) Cbange Dates. The Stated Interest Rate may change on February 1, 2005, and on that day every twelve (12) months thereafter. Each date on wlfich the Stated Interest Rate could cbange is called a "Change Date". (b) The Index. Beginning with the first Change Date, the Stated Interest Rate will be based on a weekly average yield on United States Treasury Securities adjusted to constmtt maturity of One (1) year(s), as made available by the Federal Reserve Board. The most recent Index figures available 45 days before each Change Date is called the "Current Index". If the Index is uo longer available, Lender will choose a new index which is based upon comparable information. Tbe Lender will give Borrower notice of its choice. (c) Calculation of Changes. On each Change Date, Lender will calculate the new Stated Interest Rate by adding Two and 75/100 Percent (2.75%) to the Current Index. This stun (rounded to the nearest one-eighth of one percent) will be the new Stated Interest Rate until the next Change Date, subject to an3, limits and Paragraph 3(d) below. Lender will then determine the amount of the monthly pay~nent that would be sufficient to repay the unpaid principal under rile Note at the Change Date in full by February 1, 2019, wltich is rile Maturity Date. The result of tltis calculation will be the new amount of Borrower's montldy payment. (d) Limits on Interest Rate Changes. The Stated Interest Rate will never be increased or decreased on any single Change Date by more than Two and 00/100 Percent (2%) from the rate of interest Borrower has been paying for the preceding twelve (12) months. The Stated Interest Rate will never be greater titan 12.5%. (e) Effective Date of Changes. The new Stated Interest Rate will become effective on each Chauge Date. Borrower will pay the mnount of rile montldy payment beginning on the first monthly payment date after the Change Date tmtil the amount of the monfldy payment changes again or until Borrower has fully repaid the Note. (f) Notice of Changes. Lender will mail or deliver to Borrower a notice containing the new Stated Interest Rate and the amount of the monflfly payment The notice will include information required by law to be given to Borrower. Any notice to Borrower may be sent or delivered to the address set forth above, or to such address as Borrower may designate to Lender in writing. 4 PAYMENTS. Payments under the Note shall be due and payable in accordance with the following schedule: (a) The Borrower will pay the mnounts due under the Note by making consecutive monthly payments on the 1 day of each month, beginning March,. 2004. The first 12 montlfly payments will be in the amount of $256.13 ("Beginning Monthly Payment"). Thereafter, each year, after Lender has received Borrower's twelve (12) monthly scheduled payments, Lender will use the balance due under the Note and the interest rate applicable to the Note at the time to calculate Borrower's adjusted payment amount. The Borrower will make such payments at Wells Fargo Home Mortgage, Inc., 1 Home Campus, Des Moines, Iowa 50328-0001 or ,at such other place as the Lender may require. (b) If required by Lender, Borrower will pay one-twelfth (l/12th) of Borrower's annual taxes and insurance on file Subject Real Property ("Escrow Requirement") as part of Borrower's monthly payment. Lender will apply Borrower's payments first to the Escrow Requirement, second, to interest, ttfird, to late charges and Lender's costs and expenses and then to principal. (c) If Lender receives a payment amount that is not sufficient to pay all interest which has been earned by Lender since Borrower's last payment, Lender may advance amount equal to the interest earned but unpaid after application of Borrower's payment. The amount advanced by Lender will be added to file prmcipal of the Note and Borrower will pay interest on file amount advanced. (d) Borrower may prepay all of any part of the pnncipal of the Note at any time without penalty. Any prepayment of principal may result in this Note having an earlier maturity date fl~ shown in Paragraph 3(c) above, but will not affect Borrower's monthly payment obligation. 5. If all or any part of the Property or any interest in it is sold or transferred (or if beneficial interest in the Borrower is sole or transferred and the Borrower is not a natural person) without the Lender's prior xvritten consent, the lender may, at its option, require immediate payment in full of all sums secured by tiffs Security Instrmnent. If the Lender exercises tiffs option, the Lender shall give the Borrower 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 wlfich the Borrower must pay all sums secured by this Security Instrmnent. If the Borrower fails to pay these sums prior to the expiration of tiffs period, the Lender may invoke any remedies penuitted by tlfis Secuhty Instrument without further notice or demand on the Borrower. 6. The Borrower 'also will comply with all other covenants, agreements, and requirements of the Secuhty Instrument, including without limitation, the Borrower's covenants and agreements to make all payments of taxes, insurance premiun~s, assessments, escrow items, imponnds, and all other payments that the Borrower is obligated to make under the Security Instrmnent. 7. Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the Note and Security Instrument. Except as otherwise specifically provided in this Agreement, the Note and Security Instrument will remain unchanged, and the Borrower and Lender will be bound by, and comply with, all of the terms 'and provisions thereof, as amended by this Agreement. -Borrower (Date) -Borrower LOAN MODIFICATION AGREEMENT- ARM - (PAGE 2 OF 35 C24 Lender does not, by its execntion hereof, waive any right it may have against an3, person not a party hereto. Lender Nmne: Wells Fargo Bank Northwest, National Association ' ~mNTED N~, ~I%~) ' / (Space Below This Line For Acknowledgment in Accordance with Laws of Jurisdiction) BORROWER ACKNOWLEDGMENT State of Ca/tOt)tm t ~ County of L o [' ~x~. b s . The foregoing instrument was acknowledged before me this o*/ vt- day of ~ t~rtt, c.a,- ~ 22(Jt.~ q 2004, by CRAIG P. JENKINS and GLORIA Y. JENKINS who are personally known to me (or provided to me on the basis of satisfactory evidence) to be the person(~)) whose name{~3slare subscribed to the wfthm instrument and acknowledged to me that 1)Mshe'/~.D executed the same in l~iff~ authorized capacity(:~:), and that by Ids/her/their signature(~ on the instnnnent the person/~), or the entity upon..be, half~.of which the persort~ acted, executed the instmment.~-~)_~- .~~ '~ ~,) k.'~llV.,/ to~l~C..ounl,/ ! My Commission Expires: fglcl~ I I 1 °':'D-e'~"-7 LENDER ACKNOWLEDGMENT State of ~C"a,-f'e~;v.~.~ County of - The foregoing instrument was acknowledged before me this ~ day of I.~t~]]'~ ~_.~c;O' lO~-~ A.O~lq.~SJc-, ;' ~ ,lOc. ' j Who isp~rsonally known to me. 0 (Seal) __ _ ~'°~ 7 ~- Notary Public ~ [ ~,~t~, Official Seal !~ .i {14--'~-' t~l~) John S. Grantham t ~ ~ York County, S.C. ~ [ Mv Commission Expires Se?~~ ,2004, by My Cormnission Expires:' LOAN MODIFICATION AGREEMENT - ARM - (PAGE 3 OF 3)