The collateral mortgage and modification and consolidation agreement have been designed for the customers who took the home loan but due to certain unavoidable circumstances were unable to pay the monthly loan installment. To help such loan customers, this program was designed by US Department of Housing and Urban Development, through which a loan customer can modify his or her loan by changing the terms and conditions of the mortgage loan. This gives them another chance to modify the terms which suit them better, and hence they are provided another chance to take up loan repayments in an entirely comfortable way.
To become eligible for this kind of modification in the mortgage loan, a customer is required to demonstrate his or her inability to pay the monthly mortgage loan installment. With modification, the loan gets re-instated with modified terms and conditions, and a new affordable loan payment schedule is designed as per the suitability of the loan customer.
Sample for Collateral Mortgage and Modification and Consolidation Agreement
A sample of the agreement can be downloaded from below.
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