A loan renewal contract extends the due date on an updated note. The agreement amends the current loan with all other terms agreed by the lender and borrower. This is particularly common when the borrower has fallen behind in payments to restructure the payment plan. I/We understand that the payment (s) is deferred. When the transition period ends, the initial terms and amounts of payment apply. By performing the skip function, the time it takes to pay the entire credit union is increased. All other conditions and provisions of the original loan agreement remain unchanged and will remain fully in force. During the transition period defined above, financing/interest costs continue to be incurred. By signing this request, I agree to skip my current payment and the next monthly payment. The skipped payment is added at the end of the loan, which extends the term of the loan.
As far as I know, interest will continue to be collected during the deferral period. If the CAP (asset guarantee) or any other debt protection on my loan has been acquired, my credit coverage may be affected by the overstaying of these payments. If my loan currently has a Force Placed Insurance (CPI), I understand that my future payments may be affected by the overrun of these payments. I understand that my payments will resume 2 months after my currently scheduled payment and that all other conditions and provisions of the original loan agreement will remain unchanged and remain fully in effect. I understand that it is my responsibility to know when my regularly scheduled payment will resume. Use this pandemic relief form to defer your next monthly payment for an eligible Sikorsky Financial Credit Union loan. Return of the form filled out with proof of dismissal or furlough to Sikorsky Financial Credit Union, Attn: Lending Department, 1000 Oronoque Lane, Stratford, CT 06614. DESCRIPTION OF EXISTING DEBT.
This loan renewal agreement is an amendment and/or change in the terms of the borrower`s debt, e) as in a debt security, a loan agreement and/or other credit contracts that set out the borrower`s obligations on July 1, 2016, taking into account the borrower`s obligations as of July 1, 2016 and referring to the aforementioned credit number (individually and/or collectively referred to as “pre-agreement”). By signing below, you are requesting a 3-month extension of all weekly, semi-annual or monthly credit payments for credit payments scheduled for your above-mentioned loan. You understand that financing costs continue to be incurred at the interest rate specified in your original loan agreement. If you have previously chosen life insurance and/or credit disability, insurance coverage is not extended beyond the original due date. If you have guaranteed asset protection (GAP), your coverage may be affected if payments are deferred.