Form 3179 Loan Modification Agreement (Providing for Fixed Interest Rate)

What Is Form 3179?

This is a legal form that was released by the Federal National Mortgage Association (Fannie Mae) on April 1, 2014 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 3179 Loan Modification Agreement?
A: Form 3179 Loan Modification Agreement is a legal document used to change the terms of a loan, specifically to create a fixed interest rate.

Q: When is Form 3179 Loan Modification Agreement used?
A: Form 3179 Loan Modification Agreement is used when a borrower and lender have agreed to modify the terms of a loan to include a fixed interest rate.

Q: What does Form 3179 Loan Modification Agreement provide for?
A: Form 3179 Loan Modification Agreement provides for a fixed interest rate on a loan that was originally adjustable or variable.

Q: What is the purpose of Form 3179 Loan Modification Agreement?
A: The purpose of Form 3179 Loan Modification Agreement is to establish a fixed interest rate on a loan, providing more stability and predictability for the borrower.

Q: Who needs to sign Form 3179 Loan Modification Agreement?
A: Both the borrower and the lender need to sign Form 3179 Loan Modification Agreement in order for it to be legally binding.

Q: Is Form 3179 Loan Modification Agreement binding?
A: Yes, Form 3179 Loan Modification Agreement is legally binding once both the borrower and lender have signed it.

Q: Can I modify other terms of my loan with Form 3179 Loan Modification Agreement?
A: While the primary purpose of Form 3179 Loan Modification Agreement is to establish a fixed interest rate, it may also be possible to modify other terms of the loan through additional agreements.