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 Tennessee Change or Modification Agreement of Deed of Trust is a legal document that allows the parties involved in a real estate transaction to modify or change the terms of an existing Deed of Trust. This agreement is often necessary when the original terms of the Deed of Trust no longer meet the needs of the parties involved, whether due to financial circumstances or other reasons. Keywords: Tennessee, Change or Modification Agreement, Deed of Trust, real estate transaction, modify, change, terms, financial circumstances. There are several types of Tennessee Change or Modification Agreement of Deed of Trust that may be relevant, depending on the specific situation: 1. Loan Modification Agreement: This type of agreement is used when the borrower wants to modify the terms of their existing loan secured by the Deed of Trust. It may involve adjusting the interest rate, extending the repayment period, or altering other terms to make the loan more manageable for the borrower. 2. Release of Property: In some cases, a party may want to release a portion of the property covered by the Deed of Trust. This type of agreement allows for the modification of the Deed of Trust to remove a specific portion of the property from the lien or release a co-borrower. 3. Subordination Agreement: A subordination agreement is used when there is a need to change the priority of multiple liens on the property. This modification allows for the rearrangement of the order in which the liens are paid off in the event of foreclosure or sale. 4. Extension Agreement: When the borrower is unable to meet the original repayment terms due to financial difficulties, an extension agreement can be reached. This agreement modifies the Deed of Trust to extend the loan's maturity date, giving the borrower more time to repay the loan. 5. Assumption Agreement: In the case of a property sale, an assumption agreement modifies the Deed of Trust to transfer the borrower's obligations to the buyer. This allows the buyer to step into the borrower's shoes and become responsible for repaying the loan. 6. Partial Release Agreement: When a borrower wants to release a portion of the property from the Deed of Trust, such as a separate parcel or a secondary dwelling, a partial release agreement is used. This modification removes the lien on the specific portion of the property while keeping the original Deed of Trust intact for the remaining portions. Overall, a Tennessee Change or Modification Agreement of Deed of Trust is a valuable tool in real estate transactions, allowing parties to adapt to changing circumstances and ensure the Deed of Trust aligns with their current needs.
