Thank you for your interest in our Mortgage Modification Program. The Program will enable you to reduce the interest rate
on your existing Boiling Springs Savings Bank mortgage loan to the rates currently offered. Please read the following
terms and conditions carefully.
Eligible Loan Types
The modification program is available on any 1-4 family residential property serviced by Boiling Springs Savings Bank. Adjustable rate mortgages may be modified into the
same Adjustable Rate Mortgage Program or into a Fixed Rate Mortgage Program. Fixed Rate Loans may not be modified
into an ARM Program.
Loans Ineligible
Delinquent loans are not considered for modification (see Additional Requirements for more details).
Interest Rate
The interest rate will be set as of the date of receipt of your completed
Mortgage Modification Application Form along with a $500.00 non-refundable processing fee and $1,000.00
modification fee. Any request for a reduction in rate after approval of a modification request will require
the payment of an additional non-refundable processing fee of $500.00.
Modification Fee
The modification fee for a 1-4 family residential property is $1,000.00
as indicated on the Modification Application Form. This fee is due with the return of the completed Mortgage
Modification Application Form along with the $500.00 non-refundable processing fee. If these fees are not returned
with the completed Modification Application, no adjustment will take place and your loan will continue under the
original terms and conditions. Should the modification not be completed for any reason, the $1,000.00 modification
shall be refunded.
Loan Adjustment Date
All modifications will be made as of the first of the month to avoid odd day's interest calculations. Please
continue to make your regular payment until the adjustment for the modification is made to avoid any late charges.
Additional Requirements
In order to qualify for a loan modification, your loan must be current at the time of the modification
and have a satisfactory payment history within the past 24 months.
Please return the
Mortgage
Modification Application Form signed by all parties who signed the original note and mortgage. The completed and
signed Mortgage Modification Application Form, along with the modification fee of $1,000.00 and processing fee of
$500.00 for 1-4 family residential property, must be returned to:
Boiling Springs Savings Bank
25 Orient Way
Rutherford, New Jersey 07070
Attn: Mortgage Servicing
Telephone # 201-507-3200
Should the return of the signed Modification Agreement not occur within the required time period of
7 calendar days, the processing fee will not be refunded and no adjustment will take place and your
loan will continue under the original terms.
Thank you for selecting Boiling Springs Savings Bank for your financial needs.