Deed Of Trust Modification With Mortgage In Chicago

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• City: Chicago
• Control #: US-00183
• Format: Word; Rich Text

Description

The Deed of Trust Modification Agreement is a crucial legal instrument used in Chicago for modifying existing mortgages or deeds of trust. This form serves to update the terms of a Security Instrument, allowing Borrowers and Lenders to negotiate new terms for repayment or extend the maturity date of the original debt. Key features include provisions for the renewal and extension of the lien, amendment clauses for the Security Instrument, and detailed payment terms, including the right to prepay without penalties. Filling instructions emphasize the importance of accurate information, such as proper execution by all parties involved, including Co-grantors, who are not personally liable under the agreement. This form is ideally suited for various professionals in the legal field, including attorneys, paralegals, and legal assistants, who manage real estate transactions, facilitate mortgage negotiations, or handle clients’ refinancing needs. Its clear structure ensures ease of use, benefiting parties needing modifications to their existing financial obligations.