US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Modification With Wells Fargo In Cook

Q: What is the Wells Fargo mortgage modification scandal?

Because of a glitch in Wells Fargo&#039;s software program, hundreds of people were unable to modify their home loans, leaving many stuck in the financial situation that caused them to apply for the modification in the first place.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Cook

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust Modification with Wells Fargo in Cook is a legal instrument that allows modifications to existing mortgage or deed of trust agreements. This modification agreement is essential for borrowers, co-grantors, and lenders who wish to amend the terms of their original security agreements. Key features include renewing and extending the lien of the original security instrument, adjusting payment terms, and incorporating new interest rates. The document outlines specific instructions regarding filling and editing, including the need for signatures, property descriptions, and acknowledgment by a notary public. It is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or loan modifications, providing them with a structured approach to ensure compliance with local regulations. By utilizing this form, users can effectively manage debt restructuring, ensure security interests, and maintain legal backing for financial obligations.

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FAQ

Contacting Wells Fargo customer service or visiting a local branch: Inform Wells Fargo of your intention to transfer your checking account into the trust. You can do this by calling their customer service or visiting a local branch. The Wells Fargo customer service number is 1-800-869-3557.

“As part of that review, we determined that our home lending business was too large, both in terms of overall size and its scope.” Ted Rossman, senior industry analyst at Bankrate, said Wells Fargo has “been dogged by various regulatory scandals, and it's also a tough time for the mortgage market right now.”

Because of a glitch in Wells Fargo's software program, hundreds of people were unable to modify their home loans, leaving many stuck in the financial situation that caused them to apply for the modification in the first place.

In terms of semantics, however, the big difference is that the mortgage is a two-party transaction whereas the deed of trust involves three. In addition, there is also a difference with how title actually passes with deeds of trust.

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 ...