An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.
In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.
Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.
The Idaho Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions for refinancing a debtor's property in the name of the creditor in Idaho. This agreement aims to settle outstanding debts or obligations by allowing the creditor to assume ownership of the property in exchange for refinancing the debtor's existing loan. Keywords: Idaho, Agreement for Accord and Satisfaction, refinancing, debtor's property, name of creditor. There are two types of Idaho Agreements for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor: 1. Standard Agreement: This type of agreement entails a straightforward refinancing process where the creditor takes ownership of the debtor's property in exchange for refinancing the existing loan. The terms and conditions, including the new interest rate, repayment period, and any potential changes to the loan terms, are explicitly stated in the agreement. This ensures clarity and transparency in the refinancing process. 2. Agreement with Debt Settlement: In some cases, the debtor may be facing significant financial hardship and unable to fully repay the outstanding debt. In such situations, the creditor may agree to a debt settlement arrangement as part of the refinancing agreement. This involves the creditor accepting a reduced amount to settle the debt, allowing the debtor some relief. The terms of the settlement, including the reduced amount and any additional conditions, are included in the agreement. It is important to note that both types of agreements require the debtor and creditor to negotiate and agree on the terms mutually. The agreement should be documented and legally binding to protect the rights and interests of both parties involved. Overall, the Idaho Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor provides a framework for refinancing a debtor's property and settling outstanding debts. It offers a way for debtors to manage their financial obligations while providing creditors with a means to secure repayment and potentially acquire the debtor's property.
