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.
Connecticut Change or Modification Agreement of Deed of Trust Definition A Connecticut Change or Modification Agreement of Deed of Trust is a legal document that allows parties to amend the terms of an existing deed of trust, which is a type of agreement used to secure a loan with real property as collateral. This agreement is commonly used when the parties involved wish to make changes to the original terms of the deed of trust, including modifying the interest rate, adjusting the payment schedule, or altering any other agreed-upon provisions. Types of Connecticut Change or Modification Agreement of Deed of Trust 1. Interest Rate Modification Agreement: This type of modification agreement is used when the parties involved wish to change the interest rate specified in the original deed of trust. It allows for a lower or higher interest rate to be negotiated, depending on the circumstances, economic conditions, or the borrower's ability to make payments. 2. Payment Schedule Modification Agreement: This modification agreement is utilized when the parties involved agree to modify the payment schedule outlined in the original deed of trust. It allows for adjustments to the repayment terms, such as extending the loan term, reducing monthly payments, or changing the frequency of payments. 3. Principal Reduction Modification Agreement: In certain cases, borrowers may seek to reduce the principal amount owed on the loan. This type of modification agreement enables the parties involved to renegotiate the principal balance, typically if the property's value has decreased or if the borrower is facing financial hardship. 4. Conversion Modification Agreement: This type of modification agreement is used when parties wish to change the financing terms of a loan secured by a deed of trust. For example, they may decide to convert an adjustable-rate mortgage to a fixed-rate mortgage or vice versa. 5. Assumption Modification Agreement: In the event of an assumption of the original loan, this modification agreement allows for the transfer of responsibilities and rights to a new borrower. It involves modifying the terms of the original deed of trust to reflect the new borrower's details. These are some common types of Connecticut Change or Modification Agreement of Deed of Trust that individuals or entities may encounter when amending the terms of an existing deed of trust. It is essential to consult legal professionals specializing in real estate law to ensure compliance with Connecticut state laws and regulations.
