Preview
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024
EXHIBIT C
EXHIBIT C
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024
LOANMODIFICATIONAGREEMENT
This Loan Modification Agreement ("Agreement") is effective 07/01/2021, between JUAN ALVAREZ, ("Borrower") and Select
Portfolio Servicing, Inc., acting on behalf of the owner of the Note, ("Lender"). If Borrower's representations and covenants in
Section 1 continue to be true in all material respects, then this Agreement will amend and supplement, as set forth in Section 2,
the Note made by the Borrower, dated 07/16/2019, in the original principal sum of $162,500.00 ("Note"). The Mortgage or Deed of
Trust ("Security Instrument"), which was entered into as security for the Note, encumbers the real and personal property described
in the Security Instrument (defined in the Security Instrument as the "Property"), known as:
1608 PARKST
PEEKSKILL, NY 10566
Documents."
The Note and Security Instrument are collectively referred to in this Agreement as the "Loan
1. Borrower Representations and Covenants. Borrower certifies, represents, covenants, and agrees as follows:
a. Borrower is experiencing a financial hardship, and as a result, (i) is in default under the Note or default is imminent, and
income eccess to sufficient assets to make the monthly mortgage payments
(ii) Borrower does not have sufficient or liquid
now or in the near future.
b. There has been noimpermissible change in the ownership of the Property since Borrower signed the Note.
c. If requested by Lender, Borrower has provided documentation for all income that they receive.
Borrower has provided to Lender in connection with this Agreement, the
d. AII documents and information including
documents and information regarding eligibility for this Agreement, are complete, true and correct
make all payments required under a modification plan or loan workout plan, if applicable.
e. Borrower has made or will trial
f. The property is neither in a state of disrepair, nor condemned.
g. Borrower is not a party to any litigation involving the Loan Documents, except to the extent the Borrower may be a
defendant in a foreclosure action.
2. The Modification. If Borrower's representations and covenants in Section 1 continue to be true in all material respects and all
preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically
become
and charges that remain unpaid will be waived. Borrower
modified on 07/01/2021 (the "Modification Effective Date") all late
understands that if they fail to make any payments as a precondition to this modification under a workout plan or trial
modification this modification will not take effect The first modified payment was meant to be due on 0801/2021.
plan,
due on 09/01/2021.
However, due to the adjustment of your final modification your first payment will actually be
a. The Maturity Date will be: 08/01/2049.
balance of the Note will include all amounts and arrearages that will be past due
as of the
b. The modified principal
Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding
"Unpaid Amounts") less any amounts paid to the Lender but not previously credited
to
unpaid late charges, collectively,
Note be $183,866.82 (the "New Principal
the account associated with the Note. The new principal balance of the will
Balance"). Borrower understands that by agreeing to add the Unpaid Amounts to the outstanding
principal balance, the
under Agreement Borrower also
added Unpaid Amounts accrue interest based on the interest rate in effect this
principal
understands that this means interest will now accrue on the unpaid interest that is added to the outstanding
balance, which would not happen without this Agreement
0701/2021 and the lirst
c. Interest at the rate of 8.250% will begin to accrue on the Interest Bearing Principal Balance as of
will be due on 08/01/2021. The payment schedule for the
new monthly payment on the Interest Bearing Principal Balance
modified Note is as follows:
Months Interest Rate
Interest Monthly Estimated Total PaymentBegins Number of
Rate ChangeDate Principal Monthly Monthly On Monthly
Payment* Payments
and Interest Escrow
Payment Payment
Amount*
Amount
N/A $1,403.55 $853.48, $2,257.03, 08/01/2021 337
1-337 8.25000%
which may which may
ad just adjust
periodically periodically
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024
Iunderstand that any shortfalls between the actual payments I made after 08m1/2021, missed payments,
and payments that are due under the modification will be advanced. This amount will notincluding any
Amounts." accrue interest and is referred
as "Other Deferred The Other Deferred Amounts total is $0.00.
The total remaining principal balance that will be due in a balloon payment at the maturity of my mortgage, will be the total
of my Deferred Principal Balance and Other Deferred Amounts and the balloon payment
resulting from the extended
amortizadon of my mortgage, which will be $0.00.
*The escrow payments may be adjusted in accordance with applicable law and therefore
periodically the total monthly
payment maychange accordingly.
The above terms in this Section 2.c shall supersede
not limited to, provisions for an
any provisions to the contrary in the Loan Documents,
including but
adjustable, step or simple interest rate. Interest will be charged on unpaid principal until
the full amount of the Principal Balance has been paid. I will
pay interest at a yearly rate of 8.250%
d. Borrower has agreed to establish an escrow account to
pay for property taxes and homeowner's insurance and pay a
monthly escrow payment in the initial amount of $853.48. Borrowers total
escrow will therefore be equal to $2,257.03. Borrower acknowledges that the monthly payment of principal, interest and
payments attributable to insurance and
taxes are determined by the state taxing authori1es and insurance
companies and therefore, are subject to change from
time to time. Borrower will be notified of
any changes.
3. Other Agreements. Borrower and Lender also agree to the following;
a. This Agreement shall supersede
any modification, forbearance, trial period plan, or other workout plan that Borrower
previously entered into with Lender.
b. The Security Instrument and Note, as modified by are duly
this Agreement, valid, binding agreements, enforceable in
accordance with theirterms and are hereby reaffirmed.
c. AII terms of the
Security instrument and Note, except as expressly modified by this Agreement, or
Code, remain in full force and effect Nothing in this Agreement shall be understood or by the U.S. Bankruptcy
construed to be a satisfacdon or
release in whole or in part of the obligations contained in the Note and Security Instrument
d. Borrower will be bound by and
comply with all covenants, agreements, and requirements of the Note as modified by the
Agreement and the Security Instrument, to make payments of taxes, insurance
including all requirements premiums,
assessments, escrow items, impounds, and all other payments that the Borrower is obligated
to make under the Note and
SecurityInstrument
e. If any document is lost misstated or inaccurately reflects the true and correct terms and conditions of
misplaced,
Documents as amended by the Loan
Agreement, within ten (10) days after receipt of the Leader's request, Borrower will
this
execute, acknowledge, initial, and deliver to the Lender any documentation the Lender deems
correct the lost, misplaced, misstated or inaccurate necessary to replace or
document(s). If Borrower fails to do so, Borrower will be liable for
and all Ioss or damage which the Lender any
reasonably sustains as a result of Borrower's failure. At Lender's option, this
Agreement will be void and of no legal effect upon notice of such
loss, misplacement, misstatement, or inaccuracy. if
Borrower elects not to sign any such corrective
documentation, the terms of the original Loan Documents shall continue in
fult force and effect, such terms will not be modified
by this Agreement, and Borrower will not be eligible for a modification.
f. The mortgage insurance premiums due from
will
Borrower,
a higher total monthly payment
result in
if applicable,
mayincrease as a result of the capitalization, which
Furthermore, the date on which Borrower may request cancellation of
mortgage insurance maychange as a result of the NewPrincipal
Balance.
g. As of the Modification Effective Date, notwithstanding
follows: If all or any part of the
any other provision of the Loan Documents, Borrower agrees as
Property or any interest in it is sold or transferred without the Lender's prior written
consent, the Lender may, at its option, require immediate payment in full of all
the Lender shall not exercise this option if sums secured by the Mortgage. However,
federal law prohibits the exercise of such option as of the date of such sale or
transfer. If the Lender exercises this
option, the lender shall give borrower notice of acceleration. The notice shall provide
a period of not less than thirty (30) days -
delivered or mailed within which Borrower must
depending on state law and other requirements - from the date the notice is
sums prior to the expiration of this period, the Lender pay all sums secured by the Mortgage. If Borrower fails to pay these
notice or demand on the Borrower. may invoke any remedies permitted by the Mortgage without further
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024
b. As of the Modification Effective Date, a buyer of the Property will not be permitted, under any circumstance, to assume
the Loan. In any event, this Agreement may not be assigned to, or assumedby, a buyer of tie Property.
i. AII payment amounts specified in this Agreement assume that payments will be made as scheduled.
j IfBorrower is in bankruptcy upon execution of this document, Borrower will cooperate fully with Lender in obtaining any
required bankruptcy court and trustee approvals in accordance with local court rules and procedures. Borrower
understands that if such approvals are not received, then the terms of this Agreement will be null and void. If this
Agreement becomes null and void, the terms of the original Loan Documents shall continue in full force and effect, and
such terms shall not be modified by this Agreement
k. If Borrower(s) received a discharge in a Chapter 7 bankruptcy subsequent to the execution of the Loan Documents,
Lender agrees that such Borrower(s) will not have personal liability on the debt pursuant to this Agreement
I. In agreeing to the changes to the original Loan Documents as reflected in this Agreement, Lender has relied upon the
truth and accuracy of all of the representations made by Borrower(s), both in this Agreement and in any documentation
provided by or on behalf of Barrower(s) in connection with this Agreement If Lender subsequently determines that such
representations or documentation were not tru ful or accurate, Lender may, at its option, rescind this Agreement and
reinstate the original terms of the Loan Documen as if this Agreement never occurred.
TAX CONSEQUENCES
OF LOAN MODIFICATIONS. There may be income tax consequences related to this loan
modification. Because you will be responsible for paying any income tax due as a result of this loan modification, you may wish to
consult a tax advisor before accepting this loan modification.
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024
The Borrower(s) and Lender have signed this Agreement as of the Effective Date.
B we Signature:
Date:
B r Signature:
Date:
Jennifer M. Lynch
Document Control Officer
SEP 1 4 2821
Sele o li vicing, n alf o Lender): Date:
DIGlMAIL AUS 2 5 2RI
Preview
FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024 EXHIBIT C EXHIBIT C FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024 LOANMODIFICATIONAGREEMENT This Loan Modification Agreement ("Agreement") is effective 07/01/2021, between JUAN ALVAREZ, ("Borrower") and Select Portfolio Servicing, Inc., acting on behalf of the owner of the Note, ("Lender"). If Borrower's representations and covenants in Section 1 continue to be true in all material respects, then this Agreement will amend and supplement, as set forth in Section 2, the Note made by the Borrower, dated 07/16/2019, in the original principal sum of $162,500.00 ("Note"). The Mortgage or Deed of Trust ("Security Instrument"), which was entered into as security for the Note, encumbers the real and personal property described in the Security Instrument (defined in the Security Instrument as the "Property"), known as: 1608 PARKST PEEKSKILL, NY 10566 Documents." The Note and Security Instrument are collectively referred to in this Agreement as the "Loan 1. Borrower Representations and Covenants. Borrower certifies, represents, covenants, and agrees as follows: a. Borrower is experiencing a financial hardship, and as a result, (i) is in default under the Note or default is imminent, and income eccess to sufficient assets to make the monthly mortgage payments (ii) Borrower does not have sufficient or liquid now or in the near future. b. There has been noimpermissible change in the ownership of the Property since Borrower signed the Note. c. If requested by Lender, Borrower has provided documentation for all income that they receive. Borrower has provided to Lender in connection with this Agreement, the d. AII documents and information including documents and information regarding eligibility for this Agreement, are complete, true and correct make all payments required under a modification plan or loan workout plan, if applicable. e. Borrower has made or will trial f. The property is neither in a state of disrepair, nor condemned. g. Borrower is not a party to any litigation involving the Loan Documents, except to the extent the Borrower may be a defendant in a foreclosure action. 2. The Modification. If Borrower's representations and covenants in Section 1 continue to be true in all material respects and all preconditions to the modification set forth in Section 2 have been met, the Loan Documents will automatically become and charges that remain unpaid will be waived. Borrower modified on 07/01/2021 (the "Modification Effective Date") all late understands that if they fail to make any payments as a precondition to this modification under a workout plan or trial modification this modification will not take effect The first modified payment was meant to be due on 0801/2021. plan, due on 09/01/2021. However, due to the adjustment of your final modification your first payment will actually be a. The Maturity Date will be: 08/01/2049. balance of the Note will include all amounts and arrearages that will be past due as of the b. The modified principal Modification Effective Date (including unpaid and deferred interest, fees, escrow advances and other costs, but excluding "Unpaid Amounts") less any amounts paid to the Lender but not previously credited to unpaid late charges, collectively, Note be $183,866.82 (the "New Principal the account associated with the Note. The new principal balance of the will Balance"). Borrower understands that by agreeing to add the Unpaid Amounts to the outstanding principal balance, the under Agreement Borrower also added Unpaid Amounts accrue interest based on the interest rate in effect this principal understands that this means interest will now accrue on the unpaid interest that is added to the outstanding balance, which would not happen without this Agreement 0701/2021 and the lirst c. Interest at the rate of 8.250% will begin to accrue on the Interest Bearing Principal Balance as of will be due on 08/01/2021. The payment schedule for the new monthly payment on the Interest Bearing Principal Balance modified Note is as follows: Months Interest Rate Interest Monthly Estimated Total PaymentBegins Number of Rate ChangeDate Principal Monthly Monthly On Monthly Payment* Payments and Interest Escrow Payment Payment Amount* Amount N/A $1,403.55 $853.48, $2,257.03, 08/01/2021 337 1-337 8.25000% which may which may ad just adjust periodically periodically FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024 Iunderstand that any shortfalls between the actual payments I made after 08m1/2021, missed payments, and payments that are due under the modification will be advanced. This amount will notincluding any Amounts." accrue interest and is referred as "Other Deferred The Other Deferred Amounts total is $0.00. The total remaining principal balance that will be due in a balloon payment at the maturity of my mortgage, will be the total of my Deferred Principal Balance and Other Deferred Amounts and the balloon payment resulting from the extended amortizadon of my mortgage, which will be $0.00. *The escrow payments may be adjusted in accordance with applicable law and therefore periodically the total monthly payment maychange accordingly. The above terms in this Section 2.c shall supersede not limited to, provisions for an any provisions to the contrary in the Loan Documents, including but adjustable, step or simple interest rate. Interest will be charged on unpaid principal until the full amount of the Principal Balance has been paid. I will pay interest at a yearly rate of 8.250% d. Borrower has agreed to establish an escrow account to pay for property taxes and homeowner's insurance and pay a monthly escrow payment in the initial amount of $853.48. Borrowers total escrow will therefore be equal to $2,257.03. Borrower acknowledges that the monthly payment of principal, interest and payments attributable to insurance and taxes are determined by the state taxing authori1es and insurance companies and therefore, are subject to change from time to time. Borrower will be notified of any changes. 3. Other Agreements. Borrower and Lender also agree to the following; a. This Agreement shall supersede any modification, forbearance, trial period plan, or other workout plan that Borrower previously entered into with Lender. b. The Security Instrument and Note, as modified by are duly this Agreement, valid, binding agreements, enforceable in accordance with theirterms and are hereby reaffirmed. c. AII terms of the Security instrument and Note, except as expressly modified by this Agreement, or Code, remain in full force and effect Nothing in this Agreement shall be understood or by the U.S. Bankruptcy construed to be a satisfacdon or release in whole or in part of the obligations contained in the Note and Security Instrument d. Borrower will be bound by and comply with all covenants, agreements, and requirements of the Note as modified by the Agreement and the Security Instrument, to make payments of taxes, insurance including all requirements premiums, assessments, escrow items, impounds, and all other payments that the Borrower is obligated to make under the Note and SecurityInstrument e. If any document is lost misstated or inaccurately reflects the true and correct terms and conditions of misplaced, Documents as amended by the Loan Agreement, within ten (10) days after receipt of the Leader's request, Borrower will this execute, acknowledge, initial, and deliver to the Lender any documentation the Lender deems correct the lost, misplaced, misstated or inaccurate necessary to replace or document(s). If Borrower fails to do so, Borrower will be liable for and all Ioss or damage which the Lender any reasonably sustains as a result of Borrower's failure. At Lender's option, this Agreement will be void and of no legal effect upon notice of such loss, misplacement, misstatement, or inaccuracy. if Borrower elects not to sign any such corrective documentation, the terms of the original Loan Documents shall continue in fult force and effect, such terms will not be modified by this Agreement, and Borrower will not be eligible for a modification. f. The mortgage insurance premiums due from will Borrower, a higher total monthly payment result in if applicable, mayincrease as a result of the capitalization, which Furthermore, the date on which Borrower may request cancellation of mortgage insurance maychange as a result of the NewPrincipal Balance. g. As of the Modification Effective Date, notwithstanding follows: If all or any part of the any other provision of the Loan Documents, Borrower agrees as Property or any interest in it is sold or transferred without the Lender's prior written consent, the Lender may, at its option, require immediate payment in full of all the Lender shall not exercise this option if sums secured by the Mortgage. However, federal law prohibits the exercise of such option as of the date of such sale or transfer. If the Lender exercises this option, the lender shall give borrower notice of acceleration. The notice shall provide a period of not less than thirty (30) days - delivered or mailed within which Borrower must depending on state law and other requirements - from the date the notice is sums prior to the expiration of this period, the Lender pay all sums secured by the Mortgage. If Borrower fails to pay these notice or demand on the Borrower. may invoke any remedies permitted by the Mortgage without further FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024 b. As of the Modification Effective Date, a buyer of the Property will not be permitted, under any circumstance, to assume the Loan. In any event, this Agreement may not be assigned to, or assumedby, a buyer of tie Property. i. AII payment amounts specified in this Agreement assume that payments will be made as scheduled. j IfBorrower is in bankruptcy upon execution of this document, Borrower will cooperate fully with Lender in obtaining any required bankruptcy court and trustee approvals in accordance with local court rules and procedures. Borrower understands that if such approvals are not received, then the terms of this Agreement will be null and void. If this Agreement becomes null and void, the terms of the original Loan Documents shall continue in full force and effect, and such terms shall not be modified by this Agreement k. If Borrower(s) received a discharge in a Chapter 7 bankruptcy subsequent to the execution of the Loan Documents, Lender agrees that such Borrower(s) will not have personal liability on the debt pursuant to this Agreement I. In agreeing to the changes to the original Loan Documents as reflected in this Agreement, Lender has relied upon the truth and accuracy of all of the representations made by Borrower(s), both in this Agreement and in any documentation provided by or on behalf of Barrower(s) in connection with this Agreement If Lender subsequently determines that such representations or documentation were not tru ful or accurate, Lender may, at its option, rescind this Agreement and reinstate the original terms of the Loan Documen as if this Agreement never occurred. TAX CONSEQUENCES OF LOAN MODIFICATIONS. There may be income tax consequences related to this loan modification. Because you will be responsible for paying any income tax due as a result of this loan modification, you may wish to consult a tax advisor before accepting this loan modification. FILED: WESTCHESTER COUNTY CLERK 06/04/2024 05:26 PM INDEX NO. 63476/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 06/04/2024 The Borrower(s) and Lender have signed this Agreement as of the Effective Date. B we Signature: Date: B r Signature: Date: Jennifer M. Lynch Document Control Officer SEP 1 4 2821 Sele o li vicing, n alf o Lender): Date: DIGlMAIL AUS 2 5 2RI