By signing below, you are requesting a 3-month extension of all weekly, bi-weekly, semi-annual, or monthly loan payments scheduled for your loan listed above. You understand that financing costs will continue to be incurred at the interest rate specified in your original loan agreement. If you have already opted for life and/or disability insurance, the insurance coverage will not be extended beyond the original expiry date. If you have Guaranteed Asset Protection (GAP), your coverage may be affected if payments are deferred. With the exception of the extension of the due date, all other terms of the original loan documents remain unchanged and in full force and effect. If you have recurring payments from another financial institution or through a bill payment service, you must cancel your payment(s). DESCRIPTION OF EXISTING DEBT. This Loan Renewal Agreement is a modification and/or modification of the Borrower`s indebtedness terms as set forth in a promissory note, loan agreement and/or other loan agreement proving the obligations of the Borrower/Borrower dated July 1, 2016 and designated by the above loan number (individually and/or collectively referred to as the “Pre-Agreement”). A loan extension agreement is a contract that is used to extend the maturity date of a loan.
This allows the borrower to “skip” one (1) or more loan payments by simply adding them at the end of the loan. The agreement can also be used to modify the original terms of the credit agreement as long as both parties accept the proposed changes. Here are the common types of loans that can be renewed with this agreement: A loan extension agreement extends the maturity date to a current note. The agreement modifies the current loan as well as any other terms agreed between the lender and the borrower. This is especially common when the borrower has defaulted on their payments to restructure the payment schedule. q I want to skip the payment of my installment loan. q I want to skip the payment of my home equity loan. q I want to skip my visa payment Use this pandemic assistance form to request the deferral of your next monthly payment for an eligible loan from Sikorsky Financial Credit Union. Send the completed form with proof of leave or leave to Sikorsky Financial Credit Union, Attn: Lending Department, 1000 Oronoque Lane, Stratford, CT 06614. Enter the date (MM/DD/YYYY) on which the loan is now due. For example, if the borrower “skips” the following two (2) payments and makes monthly payments, add two (2) months to the original due date entered in step 2 and enter the result here. I/We understand that the payment(s) will be deferred..
At the end of the jump period, the payment terms and initial amounts will apply. Performing the jump function increases the time it takes to pay the credit union in full. All other terms of the original credit agreement (the original loan agreements) remain unchanged and remain in full force and effect. Financing costs and interest will continue to accrue during the jump period defined above. There is also room for custom changes based on the needs of both the lender and the borrower. Once the agreement is finalized, both parties must sign the document in front of a notary and then have the document notarized. Each party should keep a copy of the agreement and submit it to the same place where it keeps its copy of the loan agreement so that all the terms of the debenture are in the same place. The first section of the agreement is intended to determine the date on which the agreement was entered into, as well as to identify the borrower and the lender. This section requires the following information: The second section is used to record the terms of the original loan agreement. Here, the lender must enter the date (mm/tt/a) on which the parties signed the original loan agreement, the loan amount ($) (write word for word as well as numerically) and the original maturity date (maturity date) of the loan.
By signing this request, I agree to ignore my current payment due and the subsequent monthly payment*. The skipped payment is added at the end of the loan, which extends the term of the loan. I assume that interest will continue to accrue during the deferred payment period. If GAP (Guaranteed Asset Protection) or other debt protection was purchased for my loan, I understand that skipping these payments can affect coverage. .