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.
Michigan Change or Modification Agreement of Deed of Trust is a legally binding document used to amend or revise the terms and conditions of an existing Deed of Trust in the state of Michigan. This agreement allows the parties involved, usually a borrower and a lender, to modify the original terms of the Deed of Trust without completely creating a new one. By executing this agreement, both parties mutually agree upon the changes, ensuring a clear understanding of the updated obligations and rights. The Michigan Change or Modification Agreement of Deed of Trust grants the borrower the opportunity to modify several aspects of a Deed of Trust, such as adjusting interest rates, modifying payment schedules, changing payment methods, and amending loan terms. This agreement serves as a convenient tool for borrowers and lenders to reassess and tailor the terms of their original agreement to better suit their current financial circumstances or business needs. There are various types of Michigan Change or Modification Agreement of Deed of Trust. These may include: 1. Interest Rate Modification: This type of agreement focuses on adjusting the interest rate stipulated in the original Deed of Trust. Borrowers may seek to lower their interest rate to reduce monthly payment obligations or may opt for a higher interest rate to expedite loan repayment. 2. Payment Schedule Modification: This agreement allows borrowers to modify the payment schedule specified in the original Deed of Trust. Consequently, they may choose to extend the loan term to lower monthly payments or shorten the term to repay the loan more quickly. 3. Loan Term Extension or Renewal: This type of agreement allows borrowers to extend or renew the original loan term. Borrowers may opt for this modification to gain additional time for repayment or to adjust the loan term to align with their financial goals. 4. Principal Balance Modification: This agreement grants borrowers the ability to modify the principal balance of the loan. Borrowers may seek to increase or decrease the principal amount, depending on their financial circumstances. 5. Collateral Modification: In some cases, borrowers may require changes to the collateral pledged in the original Deed of Trust. This agreement allows for modifying or substituting the collateral, subject to lender approval. It is important to note that any modification to a Deed of Trust should be made with the advice and guidance of legal professionals to ensure compliance with Michigan state laws and to protect the rights and interests of both parties involved in the agreement.
