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 Massachusetts Change or Modification Agreement of Deed of Trust is a legal document executed between a lender and borrower to make alterations or amendments to the terms and conditions of an existing deed of trust. This document allows necessary changes to be made to ensure both parties are mutually agreed upon revised terms. The Change or Modification Agreement of Deed of Trust is a critical instrument that enables adjustments to be made to the original deed of trust without the need for creating an entirely new mortgage agreement. It provides a more streamlined and cost-effective approach by allowing changes to be made within the framework of the existing deed of trust. Keyword: Massachusetts Change or Modification Agreement of Deed of Trust Types of Massachusetts Change or Modification Agreement of Deed of Trust: 1. Interest Rate Modification Agreement: — This type of agreement is executed when borrowers and lenders agree to modify the interest rate stated in the original deed of trust. It allows borrowers to negotiate better interest rates based on market conditions or personal financial circumstances. 2. Loan Term Extension/Reduction Agreement: — In case borrowers are unable to meet the original repayment schedule, this agreement allows for an extension or reduction of the loan term. It enables borrowers to adjust their repayment schedule to better suit their financial situation, helping to avoid default or foreclosure. 3. Payment Modification Agreement: — This agreement is used when borrowers encounter financial hardships, such as a significant reduction in income or unexpected expenses. Lenders may agree to temporarily or permanently modify the monthly payment amount, making it more affordable for borrowers without altering the primary loan terms. 4. Collateral Addition or Removal Agreement: — In certain cases, borrowers may wish to add or remove collateral associated with the original deed of trust. This agreement facilitates the modification of collateral terms, ensuring all parties have the necessary protections and rights related to the security of the loan. 5. Borrower Name Change Agreement: — If a borrower's legal name changes due to marriage, divorce, or any other reason, this agreement allows for the modification of the borrower's name in the original deed of trust. It ensures that the new legal name is accurately reflected in the mortgage documents. Massachusetts Change or Modification Agreement of Deed of Trust represents a flexible tool for borrowers and lenders to accommodate changes in loan terms, interests, payment amounts, collateral, and even borrower's names. This document serves as a legally binding agreement that helps maintain transparency and accountability between both parties, ensuring the smooth modification of the original deed of trust.
