Can a deed of trust be transferred to another person?

In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another.

US Legal Forms
Change or Modification Agreement of Deed of Trust

Change Deed Trust With Future Advance Clause In Wayne

Q: What is a future advance mortgage in Michigan?

(a) &quot;Future advance&quot; means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee.

Q: Can a deed of trust be transferred to another person?

In real estate law, &quot;assignment&quot; is simply the transfer of a deed of trust from one party to another.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Wayne

Control #:

US-00183

Format:

Instant download

Description

The Change Deed Trust with Future Advance Clause in Wayne is a legal document used to modify an existing Deed of Trust. This Modification Agreement serves to renew and extend the lien securing a mortgage or deed of trust, ensuring that any future advances in borrowed funds can be secured against the property in question. Key features include defining the obligations of the Borrower and Co-grantor, establishing the payment terms for the loan, and outlining potential implications of defaults. The form allows for the inclusion of modification details like interest rates, maturity dates, and payment schedules. Useful fillings include property descriptions and specific borrower details, which must be accurately completed for enforceability. This document is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it streamlines processes related to loan modifications and secures lender interests with flexibility for future financing. In addition, it helps mitigate risks for lenders, ensuring legal protections are maintained throughout the loan lifecycle.

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FAQ

(a) "Future advance" means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee.

In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another.

Power of Sale Clause A power of sale provision is a significant element of a deed of trust, as it states the conditions when a trustee can sell the property on behalf of the beneficiary. Typically, this predicts when you will be delinquent on your mortgage.

Future Advancement Opportunity refers to the potential for progression, growth, and elevation in one's career or professional journey that lies ahead. It encompasses opportunities for upward mobility, increased responsibilities, higher-level roles, and expanded influence within an organization or industry.

A deed of trust can benefit the lender because it allows for a faster and simpler way to foreclose on a home — typically months or even years faster.

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 ...