A Loan Modification Agreement is commonly used when circumstances require changes to an existing loan's terms, typically due to financial hardship or market conditions. This document is essential in the United States banking and lending sector, where it must comply with both federal regulations (such as TILA, RESPA, and ECOA) and state-specific lending laws. The agreement details specific changes to the original loan terms while maintaining the validity of unchanged provisions. Loan modifications can apply to various types of loans, including mortgages, business loans, and personal loans, and may be temporary or permanent in nature. The agreement provides legal protection for both lender and borrower by formally documenting the agreed modifications and ensuring compliance with applicable regulations.
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1. Parties: Identification of lender and borrower(s), including full legal names and addresses
2. Background/Recitals: Details of original loan agreement, reason for modification, and current status
3. Definitions: Key terms used throughout the agreement, including original loan terms and modified terms
4. Loan Modification Terms: Specific changes to original loan terms (interest rate, payment amount, term length, etc.)
5. Effective Date: When the modification takes effect
6. Confirmation of Original Terms: Statement that all unmodified terms from original agreement remain in effect
7. Representations and Warranties: Statements of fact by both parties regarding their ability to enter into modification
8. Governing Law: Jurisdiction governing the agreement
9. Signatures: Execution block for all parties
1. Forbearance Terms: Additional terms detailing temporary payment relief provisions when modification includes forbearance period
2. Security Provisions: Modifications to existing collateral arrangements or security terms
3. Insurance Requirements: Changes to insurance obligations and requirements under the modified agreement
4. Fees and Costs: Details of any fees or costs associated with the loan modification
1. Modified Payment Schedule: New amortization schedule showing modified payment terms and amounts
2. Modified Loan Terms Summary: Comparative summary of original and modified loan terms
3. Property Description: Legal description of property for real estate-secured loans
4. Compliance Disclosures: Required state and federal regulatory disclosures
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