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.
Change Deed Trust With Future Advance Clause In Wake
State:
Multi-State
County:
Wake
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
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FAQ
The word mortgage comes from the Old French word “morgage”, which directly translates to “dead pledge”. (The prefix of the word, “mort”, means dead, while the suffix, “gage”, means pledge.)
A secured transaction is an arrangement in which a buyer or borrower (referred to as the debtor ) guarantees payment of an obligation by granting a security interest in property to the seller or lender (referred to as the secured party ). The property in which the security interest exists is called collateral .
advance clause is a term in a security agreement that covers additional loaned amounts on present collateral or collateral to be acquired in the future. This clause is included in the agreement regardless of whether the secured party is obliged to make the advances.
The "Future Advances" clause in a contract specifies that the lender agrees to provide additional funds to the borrower at a later date, under predetermined conditions. It outlines the terms and conditions for these subsequent loans, ensuring they are legally tied to the original contract.
3. Examples They might attend the awards ceremony tomorrow night. He could call you back tonight. We could choose a new color of paint for the bedroom. I might join you if I finish early. The results of the study may shed some light on this condition.
Advance verb (MOVE FORWARD) to go or move something forward, or to develop or improve something: The fire advanced steadily through the forest. We have advanced greatly in our knowledge of the universe. He's just trying to advance (= improve) his own career.
Mortgage advances are fixed-rate advances that are repaid ing to a specified schedule with a balloon payment of remaining principal at maturity.
A further advance is when you take on more borrowing from your current mortgage lender. This is typically at a different rate to your main mortgage. This route can make sense if: your lender's further advance is competitive. you don't want to remortgage or switch lenders.
The "Future Advances" clause in a contract specifies that the lender agrees to provide additional funds to the borrower at a later date, under predetermined conditions. It outlines the terms and conditions for these subsequent loans, ensuring they are legally tied to the original contract.
When the debt or obligation secured by a deed of trust has been satisfied, the beneficiary, or successor, must execute a request for full reconveyance and any other documents necessary to cause the deed of trust to be reconveyed and submit these documents to the trustee.