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 Oregon Change or Modification Agreement of Deed of Trust is a legal document that allows parties to make changes or modifications to the original terms and conditions outlined in a Deed of Trust. A Deed of Trust is a document that is executed when a borrower takes out a loan secured by real estate property. The Oregon Change or Modification Agreement of Deed of Trust is crucial for borrowers and lenders who wish to modify certain aspects of the original loan agreement. This agreement provides a structured process for parties to negotiate and document any changes to the original terms, reducing the risk of misunderstandings or disputes in the future. Keywords: Oregon, Change or Modification Agreement, Deed of Trust, legal document, loan agreement, real estate property, borrower, lender, terms, conditions, negotiations, risk, disputes. In Oregon, there are different types of Change or Modification Agreements of Deed of Trust that may be encountered: 1. Payment Modification Agreement: This type of modification agreement allows borrowers to negotiate changes to their loan payment structure. It may involve adjustments to the interest rate, payment schedule, or other aspects of the loan terms to make it more affordable for the borrower. 2. Loan Term Extension Agreement: Sometimes borrowers face difficulties in meeting the original loan term, and lenders may agree to extend the repayment period through a loan term extension agreement. This modification allows borrowers additional time to fulfill their repayment obligations without defaulting on the loan. 3. Interest Rate Modification Agreement: If the original loan agreement has an adjustable interest rate, borrowers and lenders may choose to modify this aspect through an interest rate modification agreement. This modification can help borrowers manage unpredictable changes in interest rates by adjusting them to a fixed or more stable rate. 4. Principal Reduction Agreement: In some cases, borrowers may need to reduce the principal amount owed on the loan due to financial hardships. A principal reduction agreement allows the borrower and lender to mutually agree on reducing the outstanding balance of the loan. 5. Collateral Substitution Agreement: This type of modification agreement allows for the substitution of the collateral used to secure the loan. If the originally agreed-upon collateral is no longer available or not sufficient, the borrower and lender can modify the deed of trust to accommodate a new asset as collateral. It is important to note that these are just a few examples of the potential types of Change or Modification Agreements of Deed of Trust that can exist under Oregon law. Each agreement should be carefully drafted, ensuring compliance with state regulations and the interests of all parties involved.
