Missouri 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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US-01370BG
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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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  • Preview 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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FAQ

A Missouri deed of trust is a real estate transfer document wherein a neutral third-party trustee holds the title of a property up until a trustor (the borrower) repays a loan to a lender. Once the debt is repaid, full title rights will transfer from the third party to the trustor.

The person guaranteed shall be entitled to rely upon a statement received from a party purporting to be the then owner as a statement received from the proper party, unless the statement was relied upon in bad faith.

A deed of trust is the most common method of securing a lien on real estate in Missouri. Mortgages are rarely used.

A Deed of Trust, also know as a mortgage, is a lien on property to ensure payment of the money due to a lender. It is a separate document recorded in the land records. Every time a loan is made (or refinanced), a new document is recorded.

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.

Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...

A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes.

A deed transfers an ownership interest in real property, and no real estate transaction where ownership transfers is finished until the deed is delivered to the buyer and recorded. A deed must include the names of the buyer and seller and the property's legal description.

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