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 New York Change or Modification Agreement of Deed of Trust is a legal document that allows parties to modify the terms and conditions of an existing Deed of Trust in New York State. This agreement is typically used when the parties involved wish to make changes or amendments to the original agreement due to various reasons, such as adjusting the interest rate, extending the loan term, altering payment schedules, or updating the property description. The New York Change or Modification Agreement of Deed of Trust is crucial for mortgage lenders and borrowers who want to modify the terms of their loan agreement without going through the process of refinancing. This agreement helps to streamline the modification process, saving time, effort, and costs that would otherwise be incurred with a full loan refinance. There are different types of New York Change or Modification Agreement of Deed of Trust that can be utilized based on the specific modifications required. Some common types include: 1. Interest Rate Modification Agreement: This type of agreement is used when borrowers and lenders want to modify the interest rate specified in the original Deed of Trust. This may occur when interest rates have significantly changed since the loan origination, and both parties agree to adjust the rate accordingly. 2. Term Extension Agreement: If the borrower is struggling to meet the original loan term or wishes to adjust the repayment period, a Term Extension Agreement can be drafted. This agreement allows the parties to extend the loan period, spreading out the payments over a longer duration. 3. Payment Schedule Modification Agreement: Sometimes borrowers may face financial challenges and require a modified payment schedule. In this case, a Payment Schedule Modification Agreement can be executed, allowing for a revised repayment plan that better suits the borrower's financial capabilities. 4. Property Description Amendment Agreement: If there are errors or changes in the property description mentioned in the original Deed of Trust, a Property Description Amendment Agreement can be used to rectify those inaccuracies. This ensures that the recorded description matches the actual property details. It is crucial for all parties involved in a New York Change or Modification Agreement of Deed of Trust to carefully review and understand the new terms before signing. Legal assistance from an attorney is highly recommended ensuring compliance with New York State laws and to protect the interests of all parties involved.
