Michigan Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust

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Description

A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. A deed of trust involves a third party called a trustee, usually an attorney of officer of the lender, who acts on behalf of the lender. When you sign a deed of trust, you in effect are giving a trustee title to the property, but you hold the rights and privileges to use and live in or on the property. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary (lender) may either be paid or obtain title. Unlike a mortgage, a deed of trust also gives the trustee the right to foreclose on your property without taking you to court first.


An agreement modifying a promissory note and deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original deed of trust was recorded.

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FAQ

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.

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.

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.

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.

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.

With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.

A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuer's signature.

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.

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Michigan Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust