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.
Rhode Island Change or Modification Agreement of Deed of Trust is a legal document used to modify the terms and conditions of an existing deed of trust, which is a type of security instrument that is used in real estate transactions to secure a loan. This agreement allows the parties involved in a deed of trust, namely the borrower (also known as the trust or) and the lender (also known as the beneficiary), to make changes to the original agreement to accommodate new terms or address any issues that may arise during the loan repayment period. Some common types of Rhode Island Change or Modification Agreement of Deed of Trust include: 1. Interest Rate Modification: This type of agreement allows the parties to modify the interest rate of the loan. It may be used when the borrower is facing financial difficulties and needs a lower interest rate to make the payments more manageable. 2. Extension of Loan Term: This agreement can be used to extend the loan term, providing the borrower with more time to repay the loan. It may be necessary if the borrower is unable to meet the original repayment schedule and requires additional time to fulfill their obligations. 3. Principal Forgiveness: In certain cases, the lender may agree to forgive a portion of the outstanding loan principal. This agreement is designed to reduce the borrower's debt burden and make the loan more affordable. 4. Change in Payment Structure: Sometimes, a change or modification agreement is used to alter the payment structure of a loan. For example, it may allow the borrower to switch from a fixed payment plan to an interest-only plan for a certain period, providing temporary financial relief. 5. Release of Collateral: In some cases, a change or modification agreement may be used to release a part of the collateral used to secure the loan. This allows the borrower to sell or refinance the released collateral without affecting the overall security of the loan. It is important to note that these are just a few examples, and the specific terms and conditions of a Rhode Island Change or Modification Agreement of Deed of Trust will vary based on the individual circumstances and agreements between the parties involved. It is advisable to consult a qualified attorney or real estate professional to ensure that any modifications made to a deed of trust comply with Rhode Island laws and regulations.
