Modification Agreement For Mortgage In Collin
State:
Multi-State
County:
Collin
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
The Modification Agreement for Mortgage in Collin is a legal instrument that serves to modify existing mortgages or deeds of trust between borrowers and lenders. This agreement, effective as of a specific date, aims to ensure that the existing debts are secured under the modified terms while maintaining the original mortgage lien's validity. Key features include provisions for extending the maturity date of the debt, outlining payment terms, interests, and conditions for default. The form is designed for clarity with sections that detail borrower obligations, co-grantors' roles, and necessary acknowledgment and notarization. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in situations such as refinancing, adjusting repayment terms, or clarifying existing obligations. Users of this form benefit from its structured approach, ensuring that all relevant modifications are documented properly to protect the interests of both lenders and borrowers.
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FAQ
A recorded mortgage may be amended by an affidavit of amendment prepared by an attorney to correct clerical errors or omitted information. An amendment may not change any term, dollar amount, or interest rate in the mortgage, unless signed by the mortgagor and secured party.
A mortgage modification changes the terms of your original mortgage agreement. Your lender will work with you to try and find a way to lower your monthly payment by adjusting the terms of your current mortgage. The goal is to help you get back on track.
