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Mortgage Loan Modification Agreement

Mortgage Loan Modification Agreement Template for Philippines

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Key Requirements PROMPT example:

Mortgage Loan Modification Agreement

"I need a Mortgage Loan Modification Agreement for a residential property in Manila, where we're extending the loan term by 5 years and reducing the interest rate from 8% to 6%, effective March 1, 2025, with the borrower being a small business owner facing temporary financial hardship."

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Document background
The Mortgage Loan Modification Agreement is essential when parties need to alter the terms of an existing mortgage loan in the Philippines. This document is commonly used during financial hardship, interest rate adjustments, or when restructuring payment terms to prevent default. It must comply with Philippine banking regulations, particularly BSP guidelines and the General Banking Law. The agreement details the specific modifications to the original mortgage terms, including changes to payment schedules, interest rates, loan duration, or principal amount. It's particularly relevant during economic downturns or when borrowers face significant financial changes. The document ensures that all modifications are legally binding while maintaining the original security interests and complying with Philippine property and banking laws.
Suggested Sections

1. Parties: Identifies the Lender and Borrower with their complete legal names, addresses, and tax identification numbers as required under Philippine law

2. Background: References the original mortgage agreement, states the reason for modification, and confirms the parties' desire to modify the original agreement

3. Definitions: Defines key terms used in the agreement, including references to the original mortgage terms and any new terms introduced by the modification

4. Loan Modification Terms: Details the specific changes to the original mortgage terms, including new principal amount, interest rate, payment terms, and maturity date

5. Effective Date: Specifies when the modification takes effect and any conditions precedent

6. Confirmation of Security: Confirms that the original mortgage security remains in effect and extends to the modified terms

7. Representations and Warranties: Statements by the borrower confirming their ability to pay, ownership of the property, and other material facts

8. Payment Terms: Detailed breakdown of the new payment structure, including amounts, due dates, and payment methods

9. Default Provisions: Specifies what constitutes default under the modified terms and the consequences of default

10. Governing Law: Confirms Philippine law as governing law and jurisdiction for disputes

11. Execution: Signature blocks and notarization requirements as per Philippine law

Optional Sections

1. Insurance Requirements: Additional insurance requirements if the modified terms require changes to insurance coverage

2. Property Maintenance: Special conditions regarding property maintenance if the modification is related to property condition issues

3. Additional Security: Details of any additional security required as part of the modification

4. Co-Borrower Provisions: Additional terms if there are co-borrowers involved in the modification

5. Fees and Charges: Breakdown of any fees associated with the modification if applicable

6. Special Payment Arrangements: Terms for any special payment arrangements like step-up payments or grace periods

7. Force Majeure: Special provisions for extraordinary circumstances, particularly relevant in light of recent global events

Suggested Schedules

1. Schedule A - Modified Payment Schedule: Detailed amortization schedule showing new payment amounts and dates

2. Schedule B - Property Description: Legal description of the mortgaged property as registered with the Registry of Deeds

3. Schedule C - Original Loan Documents: List of all original loan documents being modified

4. Appendix 1 - Calculation of Modified Terms: Detailed calculations showing how the modified loan terms were derived

5. Appendix 2 - Required Notices: Copies of any required notices or disclosures under Philippine banking regulations

6. Appendix 3 - Supporting Documents: List of supporting documents provided by the borrower to justify the modification

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking

Real Estate

Financial Services

Mortgage Lending

Property Development

Legal Services

Insurance

Construction

Housing Finance

Property Management

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Real Estate Finance

Document Processing

Collections

Customer Relations

Property Valuation

Loan Administration

Relevant Roles

Mortgage Officer

Loan Officer

Credit Risk Manager

Bank Manager

Real Estate Attorney

Compliance Officer

Property Assessor

Banking Operations Manager

Legal Counsel

Financial Advisor

Credit Analyst

Relationship Manager

Documentation Specialist

Collections Manager

Risk Assessment Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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