An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage was recorded. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
District of Columbia Agreement to Modify Promissory Note and Mortgage to Extend Maturity Date
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Multi-State
Control #:
US-01367BG
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Word;
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FAQ
A promissory note extension is a legal document allowing an extension on the borrower's period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
Required loan disclosures. (a)(1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage or deed of trust on a single to 4-family home shall provide the borrower with a financing agreement executed by the lender.
An amendment to a promissory note is a legal document that makes changes to the original promissory note in a legal manner. The original contract may be restated in order to include the new changes that were made by the amendment to the promissory note.
If the borrower does not repay you, your legal recourse could include repossessing any collateral the borrower put up against the note, sending the debt to a collection agency, selling the promissory note (so someone else can try to collect it), or filing a lawsuit against the borrower.
All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed.
Promissory notes have a statute of limitations. Depending on which U.S. state you live in, a written loan agreement may expire 3?15 years after creation.