US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Modification With Wells Fargo In Phoenix

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

City:

Phoenix

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust Modification with Wells Fargo in Phoenix is a legal document that alters the terms of an existing mortgage or deed of trust. This agreement involves the borrower and lender, and it details modifications to the original security instrument to ensure that the debt remains secured. Key features include the renewal and extension of the lien, amendments to payment terms, and acknowledgment of co-grantor liability. It serves as a formal agreement specifying the borrower's promise to pay the principal and interest, outline of payment schedules, interest rates, and penalties for late payments. The form is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a framework for negotiating loan terms and ensuring compliance with legal standards. Users must fill in specific details such as names, addresses, and monetary amounts accurately, and follow signing and notarization requirements to validate the agreement. This modification is useful in situations like refinancing, changing loan terms, or accommodating financial hardships while retaining homeownership.

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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.

To make sure your trust reflects your values and lessens the burden on your loved ones, Wells Fargo Bank can serve as the corporate trustee of your personal trust.

Having served generations of families, we have the knowledge, resources and experience to administer trusts and estates with sensitivity and professionalism. is ranked #1 as the largest provider of personal trust services with $130.4B under management.

Trust Services are available through Wells Fargo Bank, N.A. Member FDIC and Wells Fargo Delaware Trust Company, N.A. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice in your state.

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.

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Most financial institutions will require you to contact your local branch or call customer service to add a beneficiary. However, some may also let you make changes to your account through online banking. Bank account beneficiaries may be added at any time.