"Proposed Note Modification for Loan TE XXXXX
For the Property Located at XXXXX
$190,000 Loan Amount
By a previous ballot, you have agreed to lower the interest rate from 12% per annum to 8% per annum, for the next 24 months.
I am now recommending that the Note on this property be modified to a pay rate of 8% per annum and an interest rate of 3% per annum, for the next 12 months.
This change would be effective as of Oct. 1, 2008. The first payment due under this reduced interest rate will be due on Nov. 1, 2008. This reduction in interest rates will expire on 11/1/2009. At the expiration of the 3% interest rate reduction, the interest will be adjusted to 8% per annum for the next 12 months.
For the next 12 months, the monthly payment on loan TE XXXXX will be equal to $1,266.66 per month. All payments, in excess of $475.00, will be credited towards principal repayment.
All other terms and conditions of the note to remain in force with no other modifications.
The Borrower has approved this modification.
This office is not charging a fee for this modification.
Yours truly, Ty Ebright"
<quoted text> That is simply miraculous. Can you post the term sheet or note with any addendums on that? With the borrower, property and lender blacked out of course...