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.
Kansas Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage
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Written agreements, promissory notes, or contracts have a statute of limitations period of five (5) years in Kansas.
In most cases, the statute of limitations for a debt will have passed after 10 years. This means a debt collector may still attempt to pursue it (and you technically do still owe it), but they can't typically take legal action against you.
Statutes of Limitations in Kansas Code SectionKansas Statutes Annotated § 60-501 et seq.: Limitations of ActionsCollection of RentsWritten: five years (K.S.A. § 60-511(1)); oral: three years (K.S.A. § 60-512(1))ContractsWritten: five years (K.S.A. § 60-511(1)); oral: three years (K.S.A. § 60-512(1))8 more rows
A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.
The maximum legal rate of interest is 10%, when no other rate is agreed upon.
With a promissory note, you promise to make periodic payments, usually monthly, to repay the borrowed amount. With a mortgage, you give the lender a way to get its money back if you don't keep your promise to make those payments?through a foreclosure.
Statutes of limitations for each state (in number of years) StateWritten contractsOpen-ended accounts (including credit cards)Kansas53Kentucky155Louisiana103Maine6647 more rows ?
Judgments Last Five Years in Kansas This means that unless the judgment is renewed by the courts, after five years, it will cease to operate as a lien against the defendant's estate. In other words, the defendant is no longer responsible for paying off any amount remaining on the judgment.
