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.
Georgia Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage
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US-01366BG
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How to fill out Agreement To Modify Interest Rate On Promissory Note Secured By A Mortgage?
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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.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
The borrower will then review and sign the document, thus making the Promissory Note legally binding and enforceable. Depending on the agreement, the lender may wish to have the document signed before a witness or notary public.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
A "loan modification" is a written agreement that permanently changes the promissory note's original terms to make the borrower's mortgage payments more affordable. A modification typically lowers the interest rate and extends the loan's term.
Borrower's promise to pay is secured by a mortgage, deed of trust or similar security instrument that is dated the same date as this Note and called the ?Security Instrument.? The Security Instrument protects the Lender from losses, which might result if Borrower defaults under this Note.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
Mortgage Note: --is a type of promissory note that is secured by a mortgage loan. --provides security for the loan held by the promissory note. --agreements between the borrower and lender that allow the lender to demand full repayment of a loan should the borrower default on the loan.