VELOCITY LOSS MITIGATION INC. FEE AGREEMENT
Client wishes to employ Velocity Loss Mitigation Inc. (hereinafter, referred to as “Velocity”), for the sole purpose of negotiating with their current lender to modify the current mortgage loan(s).
Client acknowledges that services provided by Velocity are not guaranteed and no particular result has been promised. Client understands that Velocity’s sole purpose is to provide a counseling and negotiation service. No litigation is anticipated. This agreement does not include or provide for any litigation services.
CLIENT AGREES AS FOLLOWS:
Provide Complete And Accurate Information: Client agrees to provide true and accurate information in a timely manner. Client understands that it is their duty to notify Velocity of any changes in Client’s financial situation throughout the loan modification process. Client understands that failure to do so could have a negative impact on further negotiations.
Client agrees that they will promptly notify Velocity of all correspondence (written or verbal) that they receive from the lender. Client understands that failure to do so could have a negative impact on any further negotiation.
Client retains the sole right to accept or reject any settlement offer provided by the lender. Client agrees that if they choose to accept any offer from the lender without first consulting Velocity, this could have a negative impact and potentially cease any further negotiations between Velocity and the lender. Client agrees they will not hold Velocity responsible for any offer accepted without first consulting Velocity.
Time of Essence: Client agrees to provide all information reasonably necessary to complete the loan modification within a reasonable time. Client understands delay in providing the information required could have a negative impact or cease any further negotiations between Velocity and the lender.
Timing: Client understands that once all the information has been submitted to the lender it generally takes 2 to 3 months to complete a loan modification. With some lenders, it may take up to 5 months. During this time Velocity will maintain regular contact with the Client and keep them informed of any updated status or any additional documentation needed.
Modification Phases: Phase 1 of the loan modification consists of consultation and qualifying. Phase 2 is the documemtation gathering, analysis, review and budget development phase. Phase 3 is submission to lender and negotiation of final modification terms.
Complete Agreement: Both parties agree that this is the complete and entire agreement with respect to the subject matter of this agreement and supersedes all prior negotiations, agreements and understanding with respect thereto. Both parties agree that this agreement may only be amended by a written document duly executed by all parties.
