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 South Carolina Change or Modification Agreement of Deed of Trust refers to a legal document used to modify or amend an existing deed of trust in the state of South Carolina. This agreement allows the parties involved, typically the borrower and the lender, to make changes to the original terms and conditions stated in the original deed of trust. Keywords: South Carolina, change, modification, agreement, deed of trust There are several types of South Carolina Change or Modification Agreements of Deed of Trust that cater to different circumstances. Some of them include: 1. Interest Rate Modification Agreement: This type of agreement allows the parties to modify the interest rate specified in the original deed of trust. It may be used when the parties wish to adjust the interest rate to better reflect the current market conditions or to offer more favorable terms to the borrower. 2. Term Extension Agreement: The term extension agreement is used when the parties wish to extend the repayment period specified in the original deed of trust. This may be done to lower the monthly payments and provide the borrower with more time to repay the loan. 3. Loan Amount Modification Agreement: In certain situations, the parties may agree to modify the loan amount stated in the original deed of trust. This could involve increasing or decreasing the principal amount, depending on the borrower's needs and the lender's approval. 4. Release of Collateral Agreement: A release of collateral agreement is used when the parties agree to release specific collateral, such as a property or asset, from the deed of trust. This is often done in cases where the borrower has paid off a portion of the loan and wants to remove the collateral associated with it. 5. Substitution of Collateral Agreement: This type of agreement allows the parties to replace the original collateral with a new one. It may be used when the borrower wants to substitute the collateral specified in the original deed of trust with another property or asset. It is important to note that these are just a few examples of the types of South Carolina Change or Modification Agreements of Deed of Trust. The specific agreement used will depend on the nature of the modifications required and the agreement reached between the parties involved. It is always recommended consulting with a legal professional to ensure compliance with relevant laws and regulations.
