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 Debt In Wayne
State:
Multi-State
County:
Wayne
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
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FAQ
A trust deed gives the third-party “trustee” (usually a title company or real estate broker) legal ownership of the property.
The evidence of a debt that is recorded after a first trust deed is a(n): promissory note.
The Promissory Note is evidence of a promise by the borrower/debtor to repay the mortgagee/chargee/lender at some future time on certain terms.
In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another.
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.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.