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.
The North Dakota Change or Modification Agreement of Deed of Trust is a legal document that allows parties involved in a mortgage loan to make adjustments or amendments to the original terms and conditions of the loan. This agreement is often utilized when unforeseen circumstances arise, such as changes in interest rates, payment amounts, or loan maturity dates. The purpose of the North Dakota Change or Modification Agreement of Deed of Trust is to provide a framework for borrowers and lenders to mutually agree on new terms that better suit their financial circumstances. By entering into this agreement, both parties can avoid potential foreclosure proceedings and maintain a positive relationship. There are a few different types of North Dakota Change or Modification Agreement of Deed of Trust that are commonly used: 1. Interest Rate Modification: This type of modification agreement allows borrowers and lenders to adjust the interest rate on the existing loan. It may be used when market interest rates decrease, enabling the borrower to secure a more favorable rate and potentially lower monthly payments. 2. Loan Term Extension: In some cases, borrowers may face difficulties in meeting the original repayment schedule. With a loan term extension modification, the lender and borrower agree to extend the loan's repayment period. This allows the borrower to have more time to fulfill their financial obligations and prevents default. 3. Principal Forbearance: This modification agreement allows the lender to temporarily suspend the repayment of a portion of the loan's principal balance. This type of agreement is typically used when borrowers encounter financial hardships but have the ability to eventually make up missed payments. 4. Payment Plan Modification: When borrowers face short-term financial challenges, a payment plan modification may be appropriate. This agreement modifies the original repayment schedule, temporarily reducing or delaying payment amounts. Once the borrower's financial situation improves, they can return to making regular payments. It is crucial to note that all modifications to a deed of trust must adhere to North Dakota state laws and regulations. Parties seeking to modify their deeds of trust should consult with a legal professional to ensure compliance and protect their rights and interests.
