We are considering the use of a "Change in Terms Agreement" when our 1,3 & 5 year balloons come due. We use Harland LaserPro as our loan platform. I would appreciate any help I can get from others who are on this system. When I play around with the system it gives me all the same paperwork (with the exclusion of the promissory note)as if I am doing a full refinance instead of a modification of the existing loan. All help would be greatly appreciated.
We use LaserPro's "Change in Terms Agreement" and what we do is just have them sign the "Change in Terms" if we are only modifying the Promissory Note. We put "All other terms and conditions of the original Promissory Note will remain in effect" at the end of the Description of Change in Terms. This document then goes in the file in front of the Promissory Note since that is what it is replacing.