LM - Trial Offer Letter or Plan

Document detailing trial offer terms for loan modification plans.

Last updated
December 2, 2024

The LM - Trial Offer Letter or Plan is a crucial document used in the loan modification process, particularly for borrowers experiencing financial hardship. This letter outlines the terms and conditions of a temporary trial period where borrowers are offered specific commitments to modify their existing loan agreements. It aims to provide an opportunity for borrowers to demonstrate their ability to make modified loan payments before the permanent modifications take effect.

This document serves multiple purposes: it acts as a formal notification to the borrower about the trial offer, details the financial obligations that the borrower needs to meet, and specifies important dates related to the trial period. Understanding this letter is essential for both lenders and borrowers as it helps facilitate clearer communication and expectations during the loan modification process.

Extractable Data Fields

Below is a table listing the key data fields that Vaultedge can extract from the LM - Trial Offer Letter or Plan document. Please refer to the table below for detailed information.

Field NameIncluded in ProjectField Type
Document TypeYestext
Document Type CLFYestext
Document TitleYestext
FHA OR VA Case NumberYestext
Mers/Min Numberyesnumber
Loan Numberyesnumber
Investor Loan NumberYesnumber
Date of First Lienyesdate
Unpaid Principal BalanceYesamount
Original Loan AmountYesamount
New MoneyYesamount
Mod Effective DateYesdate
Document DateYesdate
Borrower Nameyestext
Co-Borrower Nameyestext
Lender or Servicer Nameyestext
Property Street Addressyestext
Property Cityyestext
Property Stateyestext
Property Zipcodeyesnumber
Current Interest RateYestext
Mod First Payment DateYesdate
Maturity DateYesdate
Current Principal and Interest paymentYesamount
New Principal BalanceYesamount
First ARM Change DateYesdate
Subsequent Change IntervalYestext
Deferred PrincipalYesamount
Borrower Signature Nameyestext
Co-Borrower Signature Nameyestext
Deferred InterestYestext
Current Unpaid Principal BalanceYesamount
Current Unpaid Advance BalanceYesamount
Expiration dateYesdate
Recast Effective DateYesdate
Interest Bearing Principal BalanceYesamount
Final Balloon PaymentYesamount
Interest Rate Change DateYesdate
Monthly Escrow AmountYesamount
Total Monthly PaymentYesamount
Number of Monthly PaymentsYesnumber
Recast Current Interest RateYestext
Recast Interest Rate Change DateYesdate
Recast Current Principal and InterestYesamount
Recast Monthly Escrow AmountYesamount
Recast Total Monthly PaymentYesamount
Recast First Payment DateYesdate
Recast Number of Monthly PaymentsYesnumber
Deferred Principal Reduction AmountYesamount
Close Modal