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EXHIBIT 10.74
[PREFERRED EQUITIES CORPORATION LETTERHEAD]
January 20, 1998
Mego Mortgage Corporation
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxx, XX 00000
Attention: Xxxxx X. Xxxxxx, Executive Vice President
Re: Loan Program Sub-Servicing Agreement dated as of September 1, 1996 between
Preferred Equities Corporation ("PEC") and Mego Mortgage Corporation
("MMC") as amended by Letter Agreement dated September 2, 1997 (and as
amended, the "Agreement")
Gentlemen:
This letter serves to confirm our agreement that the monthly servicing fee of
one-twelfth (1/12) of four tenths (4/10) of one percent (0.40%) of the
outstanding principal balance of all loans being serviced on the first day of
the prior month as set forth in Article 4 of the Agreement is hereby modified
and amended to be one-twelfth (1/1 2) of thirty-five one hundredths (35/100) of
one percent (0.35%) commencing for the month of January 1998. Except as modified
hereby, all other terms and conditions of the Agreement shall remain in full
force and effect.
Please sign a copy of this letter in the space indicated below to indicate your
acceptance and approval of the foregoing.
Very truly yours,
PREFERRED EQUITIES CORPORATION
By: /s/ XXXXXXXXX X. XXXXX
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Xxxxxxxxx X. Xxxxx, Executive Vice President
Accepted and approved as of this 20th day of January, 1998.
MEGO MORTGAGE CORPORATION
By: /s/ XXXXX X. XXXXXX
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Xxxx X. Xxxxxx, Executive Vice President
