Loan Modification Agreement Example In Massachusetts
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
The Loan Modification Agreement example in Massachusetts serves as a formal document that modifies an existing mortgage or deed of trust between a borrower, co-grantor, and lender. Key features include the renewal and extension of the lien securing the debt, terms regarding interest rates, payment schedules, and borrower obligations. Users can fill out specific details such as names, addresses, and financial amounts to tailor the agreement for their unique circumstances. This agreement also addresses co-grantor liability, ensuring that individuals who sign as co-grantors are not personally obligated for the debt unless explicitly stated. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in creating legally binding modifications to loan agreements. They can edit the document to reflect the specific terms agreed upon by the borrower and lender, facilitating compliance with state regulations. By providing a structured and clear format, this form aids legal professionals in ensuring all necessary legal elements are adequately covered during the loan modification process, which is vital for protecting the interests of all parties involved.
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FAQ
No, you cannot remove someone from the mortgage without refinancing.
