Modification Agreement For Mortgage In Washington

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

Description

The Modification Agreement for Mortgage in Washington is a legal instrument that amends existing mortgage or deed of trust obligations to reflect changes in payment terms or other provisions. It includes details such as the names of parties involved, the modification date, the original loan details, and property description. This form reaffirms the lien against the property, ensures the security instrument remains valid, and outlines new payment terms, including interest rates and obligations of the borrower. Key features include provisions for amendment to the security instrument, co-grantor liabilities, rights to prepay without penalty, and procedures for late payments. Attorneys, partners, owners, associates, paralegals, and legal assistants in real estate and finance can utilize this form to facilitate debt restructuring, provide clear guidelines for loan modifications, and ensure compliance with state laws. It helps these professionals manage their clients' needs during financial transitions and maintains the legality of mortgage agreements.