This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Records With Future Advance Clause In Chicago
State:
Multi-State
City:
Chicago
Control #:
US-00183
Format:
Word;
Rich Text
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FAQ
A power of sale clause written into a mortgage contract authorizes the mortgagee to sell the property in the event of default. These types of clauses invoke the right of foreclosure without going through the court process. However, the lender, under a power of sale clause, must follow specific rules and guidelines.
Recorder Offices Downtown Office Chicago Court Building. 118 N Clark St, Rm 120, Chicago, Illinois 60602. Markham Court Building. 16501 S Kedzie, Rm 238C, Markham, Illinois 60426. Rolling Meadows Court Building. 2121 Euclid Ave, Rm 238, Rolling Meadows, Illinois 60008. Bridgeview Court Building.
Power of Sale Clause A power of sale provision is a significant element of a deed of trust, as it states the conditions when a trustee can sell the property on behalf of the beneficiary. Typically, this predicts when you will be delinquent on your mortgage.
Deeds are not like the certificate of title to a vehicle, which must be an original. While it is good practice to keep your original deed, it is not required to sell your property, as long as it has been properly recorded.
Section 6: Note that if Section 6 states that you will occupy the property as your principal residence, then you must do so. If you do not move in and continue to use the property as your principal residence ing to the conditions in this section, you could risk foreclosure.