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.
The District of Columbia Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust is a legal agreement that allows parties involved in a promissory note to modify certain terms such as the interest rate, maturity date, and payment schedule. This agreement is commonly used in the District of Columbia to provide flexibility and alleviate financial burden for both borrowers and lenders. Keywords: District of Columbia, Agreement, Change, Modify, Interest Rate, Maturity Date, Payment Schedule, Promissory Note, Deed of Trust. There are different types of District of Columbia Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust, including: 1. Interest Rate Modification Agreement: This type of agreement allows the parties to modify the interest rate stated in the original promissory note. It can be used when the parties want to adjust the interest rate to lower or higher levels based on changing market conditions, financial circumstances, or negotiations. 2. Maturity Date Extension Agreement: Sometimes, borrowers may face difficulties in meeting the deadline for repayment stated in the promissory note. In such cases, a Maturity Date Extension Agreement is used to extend the maturity date, providing borrowers with additional time to repay the loan. It includes revised terms and conditions related to the extended period. 3. Payment Schedule Modification Agreement: This agreement helps in revising the payment schedule mentioned in the original promissory note. Parties may decide to change the frequency, amounts, or due dates of payments to accommodate the borrower's financial situation or to align with the lender's requirements. A Payment Schedule Modification Agreement ensures clarity and mutual agreement between the parties involved. It is essential to consult a legal professional or attorney familiar with the laws and regulations of the District of Columbia to draft and formalize any changes or modifications to a promissory note secured by a Deed of Trust.
