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.
A Kansas Change or Modification Agreement of Deed of Trust is a legal document used to modify the terms and conditions of an existing deed of trust in the state of Kansas. This agreement allows the parties involved to make changes to the original agreement without having to create an entirely new deed of trust. The purpose of a Change or Modification Agreement is to reflect any amendments necessary to meet the changing needs or circumstances of the borrowers, lenders, or any other party involved. It is often used to adjust interest rates, repayment terms, or other financial provisions of the original mortgage loan. In Kansas, there are several types of Change or Modification Agreements that may be required based on the specific changes being made: 1. Interest Rate Modification Agreement: This type of agreement is used when there is a need to modify the interest rate of the loan. It allows for an adjustment to the initial rate agreed upon in the original deed of trust. 2. Repayment Modification Agreement: This agreement is utilized when there is a need to modify the repayment terms of the loan. It can include changes to the length of the loan, the monthly payment amount, or both. 3. Loan Assumption Agreement: This type of agreement is required when a new borrower wishes to assume the existing mortgage loan. It transfers the responsibility for repayment from the original borrower to the new borrower. 4. Partial Release Agreement: A Partial Release Agreement is necessary when a portion of the property covered by the original deed of trust is being released from the lien. This typically occurs when the borrower sells off a portion of the property and wants to free it from the mortgage. It is essential to consult with a qualified attorney or real estate professional when considering a Change or Modification Agreement of Deed of Trust in Kansas. They can provide expert guidance and ensure that the agreement complies with all applicable laws and regulations.
