A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. A deed of trust involves a third party called a trustee, usually an attorney of officer of the lender, who acts on behalf of the lender. When you sign a deed of trust, you in effect are giving a trustee title to the property, but you hold the rights and privileges to use and live in or on the property. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary (lender) may either be paid or obtain title. Unlike a mortgage, a deed of trust also gives the trustee the right to foreclose on your property without taking you to court first.
An agreement modifying a promissory note and deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original deed of trust was recorded.
An Arizona Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of a Promissory Note Secured by a Deed of Trust is a legal document used to modify the terms of an existing promissory note and deed of trust in Arizona. This agreement allows the parties involved to make changes to the interest rate, maturity date, and payment schedule, ensuring that both the borrower and the lender are in agreement regarding the new terms. Keywords: Arizona Agreement, Change, Modify, Interest Rate, Maturity Date, Payment Schedule, Promissory Note, Deed of Trust. Types of Arizona Agreements to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust: 1. Arizona Agreement to Change or Modify Interest Rate: This type of agreement focuses solely on modifying the existing interest rate stated in the original promissory note and deed of trust. It allows the borrower and lender to agree upon a new interest rate that suits their current financial situation. 2. Arizona Agreement to Change or Modify Maturity Date: In this type of agreement, both parties agree to extend or shorten the maturity date specified in the original promissory note. This allows for flexibility in repayment terms and can be based on the borrower's ability to meet the obligations set forth in the original note. 3. Arizona Agreement to Change or Modify Payment Schedule: This agreement is designed to alter the payment schedule outlined in the original promissory note. It enables both parties to adjust the frequency and amounts of payments to better align with the borrower's financial ability or the lender's requirements. It is essential to note that these agreements should be drafted with the guidance of legal professionals, such as attorneys or real estate experts, to ensure compliance with Arizona state laws and to protect the rights and interests of all parties involved.
