This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Records With Future Advance Clause In Michigan
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
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FAQ
(a) "Future advance" means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee.
Michigan is a Mortgage state and Deed of Trust state.
Deeds of trust almost always include a power-of-sale clause, which allows the trustee to conduct a non-judicial foreclosure - that is, sell the property without first getting a court order.
Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.
It is commonly found in an open-end mortgage or deed of trust, which allows the borrower to borrow additional sums in the future, secured under the same instrument and by the same security.
A deed of trust can benefit the lender because it allows for a faster and simpler way to foreclose on a home — typically months or even years faster.