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.
New Jersey Change or Modification Agreement of Deed of Trust is a legal document that allows parties to modify the terms of an existing deed of trust. This agreement is typically entered into when there is a need to change certain provisions or conditions stated in the original deed of trust agreement. In New Jersey, there are various types of Change or Modification Agreements of Deed of Trust that are designed to cater to different needs and circumstances. Some of these agreements include: 1. Interest Rate Modification Agreement: This type of agreement is used when the parties involved want to modify or adjust the interest rate specified in the original deed of trust. It allows for changes to be made to ensure that the interest rate aligns with current market conditions, making it more favorable or feasible for the borrower. 2. Term Extension Agreement: When the borrower is unable to repay the loan amount within the agreed-upon term, a Term Extension Agreement can be entered into. This agreement allows parties to extend the repayment period, providing the borrower with additional time to fulfill their obligations. This type of agreement may also involve adjustments to the interest rate and/or monthly installment amounts. 3. Principal Reduction Agreement: In situations where the borrower is facing financial difficulties or hardship, a Principal Reduction Agreement can be considered. This type of agreement allows for a reduction in the outstanding principal balance of the loan. Parties may negotiate and agree upon a reduced amount that the borrower is required to repay, providing some relief and potentially preventing foreclosure. 4. Change of Lender Agreement: If there is a need to change the lender named in the original deed of trust, a Change of Lender Agreement can be utilized. This agreement facilitates the substitution of the original lender with a new lender, typically through an assignment or transfer of rights. The terms and conditions of the original deed of trust are usually maintained, with only the lender's identity being modified. 5. Collateral Modification Agreement: In situations where the borrower wants to modify the collateral or add additional properties as security, a Collateral Modification Agreement can be used. This agreement enables parties to amend the original deed of trust to reflect the changes in the collateral, ensuring that the new properties are properly encumbered and protected. It is important to note that these are just a few examples of New Jersey Change or Modification Agreement of Deed of Trust types. The specific terms and conditions of these agreements may vary depending on the parties involved, the nature of the modification, and other factors. Seeking legal advice from a qualified real estate attorney is highly recommended ensuring compliance with applicable laws and to safeguard the interests of all parties involved.
