Modification Agreement For Mortgage In Massachusetts

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• Control #: US-00183
• Format: Word; Rich Text

Description

The Modification Agreement for Mortgage in Massachusetts is a legal document designed to modify the terms of an existing mortgage or deed of trust. This form provides a comprehensive structure for borrowers and lenders to renew or extend the lien on a property, ensuring that the original debt is secured. Key features include acknowledgment of the existing lien, terms for renewal, extension of the security instrument, and clear payment obligations, including terms for interest and late charges. It also distinguishes between the borrower and any co-grantors, clarifying their respective liabilities and rights. Filling out the form requires careful attention to the details regarding original mortgage execution dates, new payment terms, and any modifications to the security instrument. The target audience for this agreement includes attorneys, partners, owners, associates, paralegals, and legal assistants who may need to navigate mortgage modifications for clients or their practices. This form is particularly useful in situations where borrowers face financial difficulties and seek to modify their mortgage terms to avoid foreclosure.