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.
Maryland Agreement to Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Mortgage
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FAQ
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
The borrower will then review and sign the document, thus making the Promissory Note legally binding and enforceable. Depending on the agreement, the lender may wish to have the document signed before a witness or notary public.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
A promissory note must include the date of the loan, the loan amount, the names of both the lender and borrower, the interest rate on the loan, and the timeline for repayment. Once the document is signed by both parties, it becomes a legally binding contract.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
A "loan modification" is a written agreement that permanently changes the promissory note's original terms to make the borrower's mortgage payments more affordable. A modification typically lowers the interest rate and extends the loan's term.
For example, you might agree to change the interest rate or the length of the loan. Always put promissory note changes in writing and have the borrower sign off on them, as oral changes can't be enforced in court. Changing a note without the borrower's written agreement makes a promissory note invalid.
A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuer's signature.
