Loading...
HomeMy WebLinkAbout20080528N~. 7 DOC TAX CK#__.._,. FEE •-f~ Pik~sstJ CK#~a~2.3$36~ CHG _ ACCT# ~,/RET FEFS:__ CASH_.._R.O.D. CK#__,... /ri •'~FC'D _F~rs t ~,s.~: ce7 ~!1~G~ RETI 1 RN ~`/,f>`A,I11/r 3C s.~ -.~Pr ~~G~r~sc llt~o„w I~I~I~I~II~uW~I~~V'I~ NUM ~ 7 -`~ RD. COMP ~ ~' a-~`f3 COMPARE ~ ~. CAC~AS _ AO ~ ADAMS COllNTY, NE FILED INST. N0.6~+~.Q.~,~„5 2 g Date ~~8•D$.Time1:~':ZL~, J~ u REGISTER OF pEEDS When recorded mail to: 1 ~~ First American Title Lenders Acvantaye '~' Loss P~itigation Title Services- LMTS 1100 Superior Ave., Ste 20U// /,., Cleveland, ON 44115 .3 7W ~~ `~ / Freddie Mac Loan No. 574968938 Attn: National Recordings 1120 Loan No. 0003465580 LOAN MODIFICATION AGREEMENT THIS MODIFICATION IS TO BE EXECUTED IN DUPLICATE ORIGINALS. ONE ORIGINAL IS TO BE AFFIXED TO THE ORIGINAL NOTE AND ONE ORIGINAL IS TO BE RECORDED IN THE LAND RECORDS WHERE THE SECURITY INSTRUMENT IS RECORDED. This Loan Modification Agreement ("Modification") is effective DECEMBER 19, 2007 STEPHEN D. PITMAN AND REBECCA S. PITMAN IIIIIIIIIIIIIIIIIIIIII PITMAN 13998020 between NE ("Borrower"), whose address is 2351 NORTH 2ND AVENUE FIRST AMERICAN ~LENDER5 ADVANTAGE HASTINGS, NEBRASKA 68901 MODIFICATION, AGREEMENT and BANK OF AMERICA, N.A. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ("Lender"), whose address is 475 CROSSPOINT PARKWAY GETZVILLE, NEW YORK 14068 and amends and supplements (1) the Note (the "Note") made by the Borrower dated JUNE 10,1994 in the original principal sum of U.S. $ 80,000.00 ,and (2) the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument"), recorded on JUNE 10, 1994 , in Instrument No. 942710 ADAMS COUNTY, NEBRASKA .The Security Instrument, which was entered into as security for the performance of the Note, encumbers the real and personal property described in the Security Instrument (and defined in the Security Instrument as the "Property"), which is located at 2351 NORTH 2ND AVENUE HASTINGS, NEBRASKA 68901 FREDDIE MAC LOAN MODIFICATION AGREEMENT FAND# FRMOD Rev. 03-23-04 Page 1 of 5 Initialsi~ Initials ~ Initials Initial /~ ~aasa~~s Freddie Mac Loan No. 574968938 Loan No. 0003465580 That real property is located in the County of ADAMS NEBRASKA ,and is described as follows: THE EAST HALF (E 1/2) OF THE NORTH HALF (N I/2) OF THE SOUTH HALF (S 1/2) OF THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHWEST QUARTER OF SECTION FIVE (5), TOWNSHIP SEVEN (7) NORTH, AND RANGE NINE (9) WEST OF THE 6TH P.M. IN THE CITY OF HASTINGS, ADAMS COUNTY NEBRASKA Tax Parcel No. 284-164448.62 The Borrower has requested that the Lender modify the terms of the Note and the Security Instrument. The Lender has agreed to do so pursuant to the terms and conditions stated in this Modification. In consideration of the agreements made in this Modification, and other good and valuable consideration which the parties agree they have received, the Borrower and the Lender agree to modify the terms of the Note and Security Agreement as follows. The Borrower and the Lender agree that the provisions of this Modification supersede and replace any inconsistent provisions set forth in the Note and Security Instrument. 1. The Borrower represents that the Borrower ~ ] is [ ] is not the occupant of the Property. 2. The Borrower acknowledges that interest has accrued but has not been paid and the Lender has incurred, paid or otherwise advanced taxes, insurance premiums and other expenses necessary to protect or enforce its interest in the Note and the Security Instrument, and that such interest, costs and expenses, in the total amount of $ 10,516.32 ,have been added to the indebtedness under the terms of the Note and Security Instrument. As of DECEMBER 1, 2007 ,the amount, including such amounts which have been added to the indebtedness (if any), payable under the Note and Security Instrument (the "Unpaid Principal Balance") is U.S. $ 87,092.98 3. The Borrower promises to pay the Unpaid Principal Balance, plus interest, to the order of the Lender, until the Unpaid Principal Balance has been paid. Interest will be charged on the Unpaid Principal Balance at the yearly rate of 8.500 %, beginning DECEMBER 1, 2007 .The Borrower promises to make monthly payments of principal and interest of U.S. $ 669.67 , beginning on the first day of JANUARY, 2008 ,and continuing thereafter on the same day of each succeeding month. If on DECEMBER O1, 2037 (the "Modified Maturity Date"), the Borrower still owes amounts under the Note and the Security Instrument, as amended by this Modification, the Borrower will pay these amounts in full on the Modified Maturity Date. The Borrower will make such payments at 475 CROSSPOINT PARKWAY GETZVILLE, NEW YORK 14068 or at such other place as the Lender may require. FREDDIE MAC LOAN MODIFICATION AGREEMENT FAND# FRMOD-2 Rev. OS-18-03 Page 2 of5 Initial Initials Initials Initials- v` ~~ 2U0~052~ Freddie Mac Loan No. 574968938 Loan No. 0003465580 4. If at any time the Borrower is in default, the Lender may, by providing a written notice to the Borrower, notify the Borrower that the Borrower is in default and that the interest which will be charged on the Unpaid Principal Balance may be increased to a yearly rate of 8.500 % beginning on an effective date stated in the notice. That date will be at least 30 days after the date on which the notice is delivered or mailed to the Borrower. If the Borrower defaults, the Lender may, at its election, require the Borrower to pay immediately the Unpaid Principal Balance that remains unpaid at that time, all interest that has accrued but not been paid, and any other sums that are evidenced and secured by the Note and Security Instrument. If the Lender does not require that such payment be made immediately, the Borrower shall pay an increased monthly payment that will be based upon the interest rate stated in this Paragraph 4 instead of the interest rate stated in Paragraph 3. The Borrower acknowledges that the increased rate of interest will only be charged if the Borrower does not meet its obligations under the Note and Security Instrument, as modified by this Modification. 5. Except to the extent that they are modified by this Modification, the Borrower will comply with all of the covenants, agreements and requirements of the Note and the Security Instrument, including without limitation, the Borrower's agreement to make all payments of taxes, insurance premiums, assessments, escrow items, impounds and all other payments that the Borrower is obligated to make under the Security Instrument. 6. Nothing in this Modification 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 Modification, the Note and Security Instrument will remain unchanged and in full effect, and the Borrower and Lender will be bound by, and comply with, all of the terms and provisions thereof, as amended by this Modification. 7. If one or more riders are executed by the Borrower and recorded together with this Modification, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Modification as if the rider(s) were a part of this Modification. [ ] 1-4 Family Rider -Assignment of Rents [ ]Modification Bankruptcy Rider ~] Modification Due on Transfer Rider 8. Notwithstanding anything to the contrary contained in the Loan Modification Agreement, the parties hereto acknowledge that if the Borrower(s) has received a discharge order on a Chapter 7 Bankruptcy case, the Borrower(s) may no longer be personally liable for the subject Loan. In addition, if the Borrower(s) obtains a Chapter 7 discharge as a result of a bankruptcy pending at the time the Agreement is executed, Lender also recognizes that the Borrower(s) may not: be personally liable for the payment of the Loan. However, the parties acknowledge that the Lender retains certain rights, including but not limited to the right to foreclose its lien under appropriate circumstances. The parties agree that the consideration for this agreement is the Lender's forbearance from presently exercising its rights and pursuing its remedies under the Security Instrument as a result of the Borrower's default of its obligations there under. The parties further acknowledge and agree that nothing herein shall be construed to be an attempt to collect against the Borrower(s) personally or an attempt to reaffirm or revive Borrower's personal liability, which has been or may be discharged by a bankruptcy. FREDDIE MAC LOAN• MODIFICATION AGREEMENT' FAND# FRMOD-3 Rev. OS-18-03 Page 3 of 5 Initial Initial Initials Initials 3~ 7 2t1080~~$ Freddie Mac Loan No. 574968938 Loan No. 0003465580 1/~'~'"` PITMAN CA S. PITMAN -(Seal) ~ Z~ ~~_ 7 (Date) -Borrower (Seal) /,~' ~ y• D /1 (Date) -Borrower -(Seal). -Borrower -Borrower BANK OF AMERICA, N.A. ~SS~StaCl~ `~/9( Witness Witness Printed Name -Lender ~~y~F(, ~I-~ ?~- w ~~;-z~~v~ v~ Witness Printed Name Patricia A, Pikul Vice Prc~ident FREDllIE MAC LOAN MODIFICATION AGREEMENT FAND# FKMOD-4 Rev. US-31-06 Page 4 of 5 "/~ / 2Q08Q5~8 Freddie Mac Loan No. 574968938 Loan No. 0003465580 [Space Below This Line For Acknowledgment] BORROWER ACKNOWLEDGMENT STATE OF ~ehr0.S k~ COUNTY OF f{C~.0.VY~g The foregoing instrument was acknowledged before me this ~.Cw,nlc~'f' may,- ~ OG? by STEPHEN D. PITMAN AND REBECCA S. PITMAN __~____ Signature of Person Taking Acknowledgment +~ "~" i~ ~scr+~ nAt. rya;.4r.r•5tat~ ofMebraska Title or Rank~VA.1 ~o~ar~ BRENDA GARTNER My~~„„ ~n.~uslt~sotu Serial Number, if any LENDER ACKNOWLEDGMENT C, STATE OF ~~ COUNTY OF ~ Y ~~_ The foregol~instru_ ment was ack owledged before me this v `~(o ~,o~ by ~~,~.,~, ,the ~./~- of ~ ~~.c ~ , a ~;j ~~~ ~~ , on behalf of said entity. l Signature of Person Taking Acknowledgment ANA Kh . 1~.oLSR.ra s k'L Title or Rank ~i/aivr= nli. o(t'~i_IPINSI(f Serial Number, if any~~P„IIpii~^atat® Af NeYN Ytlrf~- ~Reg. No. 01 K®4961563 Qualified in Erie GountY FREDDIE MAC LOAN MODIFICATION AGREEMENT i'dY ibommission Ex{sires ____~ ~^. ~-~~ FAND# FRMOD-5 Rev. OS-18-03 Page 5 of 5 THIS DOCUMENT WAS PREPARED BY: DIANE KOLIPINSKI BANK OF AMERICA, N.A. 475 CROSSPOINT PARKWAY GETZVILLE, NEW YORK 14068 .s'rg 7' 2~1084~28 Freddie Mac Loan No. 574968938 Loan No. 0003465580 MODIFICATION DUE ON TRANSFER RIDER THIS MODIFICATION DUE ON TRANSFER RIDER, effective DECEMBER 19, 2007 , is incorporated into and shall be deemed to amend and supplement the Loan Modification Agreement of the same date made by STEPHEN D. PITMAN AND REBECCA S. PITMAN (the "Borrower") and BANK OF AMERICA, N.A. (the "Lender") covering the Property described in the Loan Modification Agreement and located at 2351 NORTH 2ND AVENUE HASTINGS, NEBRASKA 68901 In addition to the covenants and agreements made in the Loan Modification Agreement, the Borrower and the Lender covenant and agree as follows: A. Notwithstanding any other covenant, agreement or provision of the Note and Security Agreement, as defined in the Loan Modification Agreement, the Borrower agrees as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by the Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of the Loan Modification Agreement. If Lender exercises this option, Lender shall give 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 which Borrower must pay all sums secured by the Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by the Security Instrument without further notice or demand on Borrower. B. Except as otherwise specifically provided in this Modification Due on Transfer Rider, the Loan Modification Agreement, the Note and Security Instrument will remain unchanged and in full effect. FAND# MODTRANSRIDER Rev. 06-12-02 Page 1 Get ~ ~~~~~~~ D /• REBECCA S. PITMAN (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower I,~s~~~t~r~~ ~~~~ ~'re~i~~r~~ FAND# MODTRANSRIDER-2 Rev. 06-12-02 Page 2 0003465580 (Seal) -Borrower . ,. __ ~ ;~ (Corporate Seal) `~~ '.,i -Lender ~''~ ° ,~ i ~. _~„ ~~,r :~~ r~ ,1~ ~~ 'r . ,,`~~._`,~ "~ ~~