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.
Maine Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage
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Multi-State
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US-01366BG
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Word;
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How to fill out Agreement To Modify Interest Rate On Promissory Note Secured By A Mortgage?
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FAQ
A Prepayment penalty clause is a clause that allows a lender to charge extra interest if the loan is paid off before the normal completion date.
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An acceleration clause is a contract provision that allows a lender to require a borrower to repay all of an outstanding loan if certain requirements are not met. An acceleration clause outlines the reasons that the lender can demand loan repayment and the repayment required.
What is an alienation clause in real estate? The alienation clause in a mortgage contract gives a mortgage lender the right to request the full and immediate repayment of the loan, including principal and interest, when the borrower sells or transfers their home.
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.