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.
A North Carolina Change or Modification Agreement of Deed of Trust is a legal document that allows parties involved in a deed of trust to modify its terms or make changes to the agreement. This agreement is often used when there is a need to alter certain aspects of the original deed of trust, such as changing the interest rate, extending the repayment term, or modifying the payment schedule. This type of agreement is commonly used in real estate transactions in North Carolina and provides a flexible solution for borrowers and lenders to adjust the terms of the original agreement to better suit their current financial situation or any other circumstances that may arise. There are a few different types of Change or Modification Agreements of Deed of Trust that can be encountered in North Carolina: 1. Interest Rate Modification Agreement: This type of agreement is executed when parties involved want to change the interest rate specified in the original deed of trust. It can be used, for instance, if the borrower's financial situation has changed significantly, and a lower interest rate would alleviate their repayment burden. 2. Term Extension Agreement: In some cases, borrowers may face difficulty in making timely payments due to unexpected financial setbacks. A term extension agreement allows the parties to modify the repayment term originally outlined in the deed of trust by extending the period over which the loan must be repaid. This can help borrowers by reducing their monthly payments and allowing them more time to settle their debts. 3. Payment Schedule Modification Agreement: A payment schedule modification agreement is utilized when the parties wish to alter the timing or frequency of the loan payments. This modification may involve changing from monthly to bi-weekly or quarterly payments, which can help borrowers with budgeting and cash flow management. It is important to note that any change or modification to a deed of trust must be agreed upon by all parties involved, including the borrower, lender, and any other relevant parties. This agreement must be properly drafted and legally executed to ensure its validity and enforceability. In conclusion, a North Carolina Change or Modification Agreement of Deed of Trust allows parties to modify or make changes to the terms outlined in the original deed of trust. Whether it involves adjusting the interest rate, extending the repayment term, or modifying the payment schedule, this agreement provides flexibility for borrowers and lenders to adapt to changing circumstances and ensure a mutually beneficial arrangement.
