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 Modification With Mortgage In Virginia
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Multi-State
Control #:
US-00183
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Word;
Rich Text
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Mortgage or Deed of Trust? StateMortgage StateDeed of Trust State Utah ❌ ✅ Vermont ✅ ❌ Virginia ❌ ✅ Washington ❌ ✅47 more rows •
If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership.
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.
Deed of Trust Modification means, with respect to any Deed of Trust, a modification agreement entered into between the Borrower or the Project Owner, as applicable, and the Lender, modifying the terms and conditions of the Deed of Trust in order to (i) add to the lien of the Deed of Trust Additional Lots, or (ii) make ...
A few states let lenders use both trust deeds and mortgages. Still, even in these states, your lender will choose which document you'll have to sign.
You, as the homeowner, typically hold the house deed to your property, even with a mortgage. The house deed and mortgage are separate legal documents with different purposes.
Ownership may be transferred by preparation of a new deed, which has been properly signed. The new deed must be recorded in the Circuit Court Clerk's Office where the real estate is located.
If you wish to remove someone from a deed, you will need their consent. This can be done by recording a new deed, which will require their signature. If the person in question is deceased, you will need their death certificate and a notarized affidavit along with the new deed.
How can a recorded deed be changed? The only way to change a recorded deed is to have a new deed prepared and recorded in the Clerk's Office Land Records Department. Once a document is recorded, it cannot be changed.