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Home Affordable Modification Program
If you are not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program(HAMP®). HAMP may lower your monthly mortgage payments in order to make them more affordable
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The Mortgage
& Business Consulting Co
26047 Meadow Breeze lane, Leesburg Florida 34748
info@mortgagebusinessconsulting.com
352-446-4918
PRIVILEDGED AND CONFIDENTIAL
Re: Note Negotiation
The Mortgage & Business
Consulting Co (“Consultant”) and ____________ (“Client”) hereby agree that
Consultant will
provide note modification services to Client on the terms set forth below.
1. CONDITIONS. This fee agreement (“Agreement’) will not take effect, and Consultant will have no obligation to provide services, until Client returns a signed copy of this Agreement and pays the initial deposit called for under Paragraph 5.
2. SCOPE OF SERVICES. Client is hiring Consultant to represent Client in the matter of Client’s request for modification of the terms of the promissory note (“note modification”) with ______ (“Lender”) secured by Client’s real property located at ____________. Services to Client do not include litigation services of any kind, including, but not limited to, court or arbitration proceedings, or administrative proceedings. Services include the preparation and submittal of a note modification request to Lender on behalf of Client and, if accepted by Lender, negotiate reasonable terms of a settlement. If Client’s note modification is rejected by Lender or, if accepted by Lender, after settlement documents have been executed by Client, Consultant will not represent Client in any other matter unless Client and Consultant agree that Consultant will provide such services and agree upon additional fees, if any, to be paid to Consultant for such services. Services in any matter not described above will require a separate written agreement.
3. DISCLAIMER OF GUARANTEE. Nothing in this Agreement and nothing in statements made to Client by Consultant, or staff, will be construed as a promise or guarantee about the outcome of this
matter. Consultant makes no such promises or
guarantees.
There can be no assurance that Client will obtain a note modification. Consultant’s comments about the outcome of this matter are expressions of opinion only. Client acknowledges that Consultant has made no promise or guarantees about the outcome. THE MORTGAGE & BUSINESS CONSULTING CO. CANNOT FORCE CLIENT'S LENDER TO ACCEPT ANY PROPOSED RESOLUTION OR MODIFICATION OF CLIENT'S PROMISSORY NOTE(S). LENDERS FREQUENTLY CHANGE POLICIES AND ADJUST GUIDELINES MAKING ANY PROMISE OF A SPECIFIC OUTCOME IMPOSSIBLE.
4.FEES.
Client agrees to pay a fixed fee for Consultant’s services under this Agreement. The fee charged by Consultant will be as follows: ($),000.00 for note amount of $__________.00. In the event Consultant withdraws, or is terminated by client before the completion of Consultant services, Consultant will be entitled to charge for services performed at Consultants standard billing rate which amount will be deducted from Client's retainer fee. Consultant charges a $500 set up fee and if any costs (credit report, audit or CMA fees) were incurred, said fees are nonrefundable in the event of a termination of contract by client.
5. PAYMENT. Client agrees to pay Consultant ($),000.00 amount for services described in paragraph 2 Consultant shall have no obligation to submit a note modification proposal or otherwise negotiate with Lender on Client's behalf until Consultant has been paid in full.
Client understands and agrees that all fees paid to The Mortgage & Business Consulting Co shall be deemed fully earned upon submission of a proposal for note modification to Client's Lender as otherwise set forth in this Agreement.
6. NEGOTIABILITY OF FEES. The fees charged Client are not set by law, but are negotiable between The Mortgage & Business Consulting Co and client.
7. COSTS AND EXPENSES. Consultant will incur various costs and expenses in performing legal services under this Agreement. Costs and expenses commonly include photocopying and reproduction costs, notary fees, long distance telephone charges, messenger and other delivery
fees and postage. Consultant agrees to assume all costs and expenses incurred on
behalf of Client in connection with this matter as part of the fixed fee paid by Client.
8. CLIENTS OBLIGATIONS. Client shall promptly provide The Mortgage & Business Consulting Co with copies of
any and all information and documentation relating to the Client's mortgage notes, Lender, and Client's real property, as may be reasonably needed in order for The Mortgage & Business Consulting
Co to provide the scope of services according to section 2.
9. CLIENT REPRESENTATIONS AND WARRANTIES. In addition to, and in no way limiting any other matters covered by this Agreement, Client represents, warrants and agrees that:
(a) Information provided
to The Mortgage & Business Consulting
Co is complete and accurate, including but not limited to the reasons for hardship, delinquency, mortgagee's name,
account number(s), as well as the terms and status of the mortgage indebtedness and financial information regarding personal household income and expenditures. Should The Mortgage & Business Consulting Co discover that Client has submitted false or misleading information, The Mortgage & Business Consulting Co may IMMEDIATELY TERMINATE THIS AGREEMENT and will no longer represent Client.
(b) The Mortgage & Business Consulting Co has not instructed or advised Client to stop paying Client's Lender. If
Client has stopped paying Client's Lender, Client has done so voluntarily due to serious financial hardship.
(c) The Mortgage & Business
Consulting Co cannot guarantee that any Lender will agree to a note modification or cooperate
with modifying the terms of the Client's note(s).
(d) The Mortgage & Business Consulting Co will not provide credit repair services. While loan terms are being restructured, Lender may and probably will report delinquencies to credit reporting bureaus, which could have a negative effect on Client's credit report.
e. No time estimate has been made to Client relating to the modification of Client's promissory note(s). Client acknowledges that the note modification process may take up to four (4) months or longer to complete.
f. Any and all notices, communications, and/or offers received by Client from Client's Lender will be promptly forwarded to The Mortgage & Business Consulting Co. Client understands that if contact by Lender, Client will explain to them that Client has retained The Mortgage & Business Consulting Co and direct any and all communications to The Mortgage & Business Consulting Co.
10. APPROVAL NECESSARY FOR SETTLEMENT. Consultant will not make any settlement or compromise of any nature on behalf of Client without Client’s prior approval. Client retains the absolute right to accept or reject any settlement. Client agrees to consider seriously any settlement offer Consultant recommends before making a decision to accept or reject such offer. Client agrees not to make any settlement or compromise of any nature of any of Client’s matter without prior notice to Consultant.
11. LIMITATION OF REPRESENTATION. Consultant is representing Client only on the matter described in Paragraph 2. Consultant’s representation does not include independent or related matters that may arise. If any such matters do arise, Consultant and Client must negotiate a separate agreement if Client and Consultant agree that Consultant will perform such additional work.
12. TERMINATION AND WITHDRAWAL. Client may terminate this agreement and services of Consultant at any time, upon written notice to Consultant. Consultant may withdraw from
representation of Client (a) with Client’s consent or (b) for good cause and upon
reasonable notice to Client. Good cause includes Client’s breach of Client's obligations
and representations under agreement, Client’s refusal to cooperate with Consultant or to
follow Consultant’s advice on a material matter, or any other fact or circumstance that would render Consultant’s continuing representation unlawful or unethical.
Notwithstanding Consultant’s withdrawal or Client’s notice of discharge, and without regard to the reasons for the withdrawal or discharge, Client will remain obligated to pay Consultant the agreed
fee for services performed on behalf of Client prior to the date of withdrawal or discharge.
13. DISCLAIMER OF GUARANTEE. Nothing in this Agreement and nothing in statements made to Client by Consultant or staff, will be construed as a promise or guarantee about the outcome of this
matter. Consultant makes no such promises or
guarantees.There can be no assurance that Client will obtain a note negotiation.
Consultant’s comments about the outcome of this matter are expressions of opinion only. Client acknowledges that Consultant has made no promise or guarantees about the
outcome.
14. NOTICE. All notices and other communications in connection with this Agreement shall be in writing. Notice shall be considered effective when delivered to respective party here to in any of the following manner: (a) when delivered personally to any Party, (b) the next business day after any notice is sent by certified mail, federal express or any next day courier delivery service, or (c) when sent by fax or telex with proof by facsimile transmission verification.
15. GOVERNING LAW; VENUE. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida. Venue shall be the State of Florida.
16. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties. No other agreement, statement or promise made on or before the effective date of this Agreement will be binding on the parties.
17. SEVERABILITY IN EVENT OF PARTIAL INVALIDITY. If any provision of this Agreement is held in whole or in part to be unenforceable for any reason, the remainder of that provision and of the Agreement will be severable and remain in full enforceable effect.
18. MODIFICATION BY SUBSEQUENT AGREEMENT. This Agreement may be amended or modified only by subsequent agreement in writing signed by both parties.
19. INSURANCE. Client acknowledges that Consultant does not carry errors and omissions insurance.
20. EFFECTIVE DATE. This Agreement will govern all legal services performed by Consultant on behalf of Client commencing with the date Consultant first performed services. The date at the beginning of the Agreement is for reference only. Even if this Agreement does not take effect, Client will be obligated to pay Consultant the reasonable value of any services Consultant may have performed for Client.
21. FACSIMILE SIGNATURE. This Agreement may be executed by facsimile, and a facsimile signature shall have the same force and effect as an original signature on this Agreement.
22. ARBITRATION OF DISPUTES. Any controversy between the parties regarding the construction, application or performance of any services under this Agreement, and any claim arising out of or relating to this Agreement or its breach, must be submitted to binding arbitration. Arbitration shall be administered in the State of Florida under the rules of the
American Arbitration Association in accordance with its Commercial Arbitration Rules. Judgment on the arbitrator’s award may be entered in any court having jurisdiction. Each party agrees to bear one half of any and all cost of arbitration. The sole and exclusive venue for the arbitration and or any legal dispute shall be the State of Florida.
23. FEES. The prevailing party in any action or proceeding arising out of or to enforce any provision of this
Agreement, with
the exception of a fee arbitration or mediation under Business and Professions Code, will be awarded reasonable fees and costs incurred in that action or proceeding, or in the enforcement of any
judgment or award rendered.
24. The Mortgage & Business Consulting Co, by execution of this retainer agreement, notifies client that note modification services can be performed by Client and does not require the service of a consultant.
THE PARTIES HAVE READ AND UNDERSTOOD THE FOREGOING TERMS AND AGREE TO THEM AS OF THE DATE CONSULTANT FIRST PROVIDED SERVICES. CLIENT SHALL RECEIVE A FULLY EXECUTED DUPLICATE OF THIS AGREEMENT.
DATED:_________________ CLIENT: _______________________________
DATED: _________________ BY: ____________________________________
Noel R Lawrence (President)
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