Modification Effective Date

Modification Effective Date

For purposes of a modification processed under Chapters 9204 through 9210, the Modification Effective Date is the first day of the month following the end of the Trial Period, which is also the first payment due date of the modified Mortgage. In the event the Servicer utilizes the option to include an interim month following the Trial Period, then the Modification Effective Date and the due date of the first modified payment will be the first day of the second month following the end of the Trial Period. The effective date of the modification interest rate change occurs one month prior to the first payment due date, as the terms of the modified Mortgage are established so that the first payment due under the modified Mortgage pays interest in arrears that accrued during the month prior to the first payment due date.