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.
Modification Agreement For Mortgage In Riverside
State:
Multi-State
County:
Riverside
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
After processing your application, which can take 90 days or longer, your lender may ask you to make a series of three trial payments. These payments are likely to be lower than your current payment amount, but may or may not reflect the payments proposed in a final mortgage modification offer.
A mortgage modification changes the terms of your original mortgage agreement. Your lender will work with you to try and find a way to lower your monthly payment by adjusting the terms of your current mortgage. The goal is to help you get back on track.
Strictly speaking, a modification to a mortgage does not need to be recorded to be enforceable between the borrower and the lender, as they are bound by the modification as a matter of contract law.