US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Modification Without Promissory Note In Contra Costa

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Contra Costa

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust Modification Without Promissory Note in Contra Costa is a legal instrument that allows for the modification of an existing deed of trust without revising the associated promissory note. This document serves to renew and extend the lien of the original security instrument to secure the debt under the modification agreement. Essential features include the acknowledgment of existing liens, detailed repayment terms, and provisions for late payments and default scenarios. Targeted towards attorneys, partners, owners, associates, paralegals, and legal assistants, this form is particularly useful for managing property financing issues or adjusting existing loan agreements. Users need to accurately enter details about the borrower, co-grantor, lender, and property description. It also highlights co-grantor liabilities, clarifying that individuals signing as co-grantors are not personally obligated for the debt while allowing for flexibility in modifications. Completing and filing this form ensures that all changes to the deed of trust are legally recognized, thus helping maintain clarity and protection for all parties involved.

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FAQ

Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.

Deed of Trust Modification means, with respect to any Deed of Trust, a modification agreement entered into between the Borrower or the Project Owner, as applicable, and the Lender, modifying the terms and conditions of the Deed of Trust in order to (i) add to the lien of the Deed of Trust Additional Lots, or (ii) make ...

In California, a deed of trust must come with security, typically a promissory note. To be valid, a deed of trust must be (1) in writing, (2) with a description of the property, and (3) signed by the trustor of the deed of trust.

Unless the lender uses a different document or terminology for “promissory note,” there typically wouldn't be a mortgage in place without a promissory note. It is a crucial legal document to the mortgage process that holds both the borrower and the lender accountable to mutually agreed terms and conditions.

Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.

When a deed of trust is used as a security instrument, who holds the deed and the note? The trustee holds the deed, and the lender holds the note.

This document may also be known as a trust revocation declaration. The idea here is that you present a formal document that irrevocably states your wish to dissolve the trust. From there, you should have the document signed by the grantor, notarized, and potentially filed in court.