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.
Forge Trust Deeds In Virginia
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Multi-State
Control #:
US-00183
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Word;
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FAQ
You can cancel your deed of trust by getting a deed of surrender in place. This is a legal document which can be used to waive a previous deed or contract between multiple parties. You can't cancel a deed of trust without the consent of all parties named within the deed.
All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia. The requirements are listed below in the code section. Click here to read about e-Recording.
The deed of trust must then be recorded with the county where the property is located, and each of the parties (the trustor, trustee, and lender) should keep a copy of the recorded document.
Processing a Release of Deed of Trust Execution: The lender or authorized agent signs the release, and it is notarized as required. Recording: The release is submitted to the county recorder's office for official recording, making it part of the public record.
Create the trust document. You can get help from an attorney or use WillMaker & Trust (see below). Sign the document in front of a notary public. Change the title of any trust property that has a title document—such as your house or car—to reflect that you now own the property as trustee of the trust.
The Code of Virginia contains several statutes of limitations dealing with the enforcement of a deed of trust. If a deed of trust contains a maturity date, it may be enforced for a period of ten years after the stated maturity date.
Once you have made all your payments and your arrangement has been completed, you will be discharged from the trust deed. At this stage, the debts included will be written off and the companies are no longer able to chase you for payments.
Under a deed of trust, the grantor agrees to the trustee's power of sale; that is, the right to a “non-judicial foreclosure” if they default on payments. This type of foreclosure process exempts the beneficiary from requiring the court's approval to sell the property.
§ 18.2-172. Any person who shall obtain, by any false pretense or , the signature of another person, to any such writing, with intent to defraud any other person, shall be deemed guilty of the forgery thereof, and shall be subject to like punishment.
It is punished with 2-10 years in prison and a fine up to $100,000. Uttering a forged public document is also Class 4 felony under Va. Code §18.2-168. An offender can be charged with and convicted of both forging a public record and uttering the forged public record.