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.
|
Document Type | Yes | text |
Document Type CLF | Yes | text |
Document Title | Yes | text |
FHA OR VA Case Number | Yes | text |
Mers/Min Number | yes | number |
Loan Number | yes | number |
Investor Loan Number | Yes | number |
Date of First Lien | yes | date |
Unpaid Principal Balance | Yes | amount |
Original Loan Amount | Yes | amount |
New Money | Yes | amount |
Mod Effective Date | Yes | date |
Document Date | Yes | date |
Borrower Name | yes | text |
Co-Borrower Name | yes | text |
Lender or Servicer Name | yes | text |
Property Street Address | yes | text |
Property City | yes | text |
Property State | yes | text |
Property Zipcode | yes | number |
Current Interest Rate | Yes | text |
Mod First Payment Date | Yes | date |
Maturity Date | Yes | date |
Current Principal and Interest payment | Yes | amount |
New Principal Balance | Yes | amount |
First ARM Change Date | Yes | date |
Subsequent Change Interval | Yes | text |
Deferred Principal | Yes | amount |
Borrower Signature Name | yes | text |
Co-Borrower Signature Name | yes | text |
Deferred Interest | Yes | text |
Current Unpaid Principal Balance | Yes | amount |
Current Unpaid Advance Balance | Yes | amount |
Expiration date | Yes | date |
Recast Effective Date | Yes | date |
Interest Bearing Principal Balance | Yes | amount |
Final Balloon Payment | Yes | amount |
Interest Rate Change Date | Yes | date |
Monthly Escrow Amount | Yes | amount |
Total Monthly Payment | Yes | amount |
Number of Monthly Payments | Yes | number |
Recast Current Interest Rate | Yes | text |
Recast Interest Rate Change Date | Yes | date |
Recast Current Principal and Interest | Yes | amount |
Recast Monthly Escrow Amount | Yes | amount |
Recast Total Monthly Payment | Yes | amount |
Recast First Payment Date | Yes | date |
Recast Number of Monthly Payments | Yes | number |
Deferred Principal Reduction Amount | Yes | amount |