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.
The Indiana Change or Modification Agreement of Deed of Trust is a legal document used to modify the provisions and terms of an existing deed of trust in the state of Indiana. This agreement allows the parties involved to make changes to certain aspects of the original deed of trust, such as the interest rate, payment terms, or lender conditions. The primary purpose of the Indiana Change or Modification Agreement of Deed of Trust is to update the terms of the original deed of trust to better suit the needs and circumstances of the borrower and lender. This document ensures that both parties are in agreement with the modifications and that the new terms are legally binding. There are various types of Indiana Change or Modification Agreement of Deed of Trust available, depending on the nature of the changes being made. Some common types include: 1. Interest Rate Modification Agreement: This type of agreement is used when the parties wish to modify the interest rate specified in the original deed of trust. It allows for adjustments to be made to the interest rate charged on the loan, ensuring that it aligns with current market rates or the borrower's financial situation. 2. Payment Schedule Modification Agreement: If the borrower is facing financial challenges and is struggling to meet the existing payment schedule, a payment schedule modification agreement may be necessary. This type of agreement modifies the repayment plan by adjusting the payment amount, extending the loan term, or restructuring the payment schedule to accommodate the borrower's financial situation. 3. Lender Conditions Modification Agreement: In some cases, the lender may offer changes to the conditions specified in the original deed of trust to accommodate the borrower's circumstances. This may involve altering the collateral requirements, removing certain provisions, or adjusting other conditions agreed upon in the original agreement. It is important to note that before entering into an Indiana Change or Modification Agreement of Deed of Trust, it is advisable for both parties to seek legal advice to ensure compliance with state laws and to protect their interests. Additionally, all modifications made to the original deed of trust should be clearly stated in the agreement, and both parties should sign it in the presence of a notary public to make it legally enforceable.
