Mortgage Modification Paperwork Clarification

Summary

Mortgage modification in Alabama requires a hardship letter, proof of income, and possibly a property appraisal. If theres an error in your modification agreement, contact your lender to correct it. Consult a legal professional for detailed advice.

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I have questions about mortgage modification paperwork
Sure, I can provide general advice on mortgage modification paperwork. Can you tell me which state you're in, as the laws vary by location?
Alabama
Hello ****, I'm glad to assist you. Here are some points about mortgage modification in Alabama:
- Borrowers must submit a hardship letter explaining why they can't make their mortgage payments.
- They must provide proof of income, such as recent pay stubs or tax returns.
- Lenders may require a current appraisal of the property.
Please consult with a legal professional for detailed advice.
I received paperwork from my lender
Thank you for sharing, ****. Could you clarify what specific questions or concerns you have about the paperwork received from your lender?
Sure, let me break it down for you: This document is a Mortgage Modification Agreement, which is basically an agreement to change the original terms of a mortgage (which is a type of loan used to buy property). - The "Mortgagor" is the person who borrowed the money and is giving the mortgage, in this case, **** M. Stephens. - The "Mortgagee" is the lender, here it's MidFirst Bank. The agreement mentions that **** Stephens originally took out a mortgage for $*,*.* on March *, *, and this was officially recorded in the local records on January *, *. They had to record it again on April *, *, to add information about ****'s marital status. Then, the mortgage was transferred from the original lender to MidFirst Bank on January *, *, and this was officially recorded on February *, *. Later, **** Stephens and the bank agreed to modify the terms of the mortgage with a Loan Modification on January *, *, and this change was recorded on February *, *. However, there was a mistake in this Loan Modification. Instead of referring to the correct mortgage from */*, it mistakenly referred to a completely different mortgage that was recorded way back on February *, *. This agreement is meant to correct that error and make sure that the Loan Modification applies to the correct mortgage.
Thank you for the detailed explanation, ****. It seems like there's been an error in the documentation. Have you reached out to the bank to report this mistake?