Deed Of Trust Modification With Future Advance Clause In Queens

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

Description

The Deed of Trust Modification Agreement with future advance clause in Queens serves to modify existing mortgage terms while allowing for future advances on the secured property. This document ensures that both the Borrower and Lender understand their rights and responsibilities, particularly concerning the renewal and extension of the lien against the property. People using this form should accurately fill in details such as the modification date, property address, and financial terms outlined in the Note Payment Terms section. Key provisions include the amendment of the security instrument, co-grantor liability, and payment obligations. It is crucial for users to follow instructions carefully when executing the form, especially regarding notarization and signatures. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to facilitate modifications in mortgage agreements, ensuring compliance with state laws while addressing the needs of clients who may seek additional loans secured by existing property. By clearly articulating payment terms and borrower obligations, this document aids in preventing disputes and providing a clear framework for enforcement.