An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage was recorded. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Texas Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage
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US-01366BG
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How to fill out Agreement To Modify Interest Rate On Promissory Note Secured By A Mortgage?
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FAQ
A Deed of Trust in Texas transfers title of real property in trust. It is the equivalent to a mortgage used in other states and provides a secured interest for a lender against real estate. It is often used as part of a real estate transaction that includes a Warranty Deed with a Vendor's Lien and a Promissory Note.
The promissory note could be declared invalid if it doesn't reveal the amount that the borrower owes the lender, or what installments are due. If there are multiple installments, then include each installment's due date.
A promissory note is a legal, financial tool declared by a party, promising another party to pay the debt on a particular day. It is a written agreement signed by drawer with a promise to pay the money on a specific date or whenever demanded.
An amendment to a promissory note is a legal document that makes changes to the original promissory note in a legal manner. The original contract may be restated in order to include the new changes that were made by the amendment to the promissory note.
The Promissory Note is the promise to pay for the property. The Deed of Trust puts a lien on the property to secure the promise. The Warranty Deed transfers the property to the Buyer.
Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.
A secured promissory note is an agreement where the borrower puts something of value up as collateral to safeguard the value of the loan. In the event the borrower is unable to make payments and defaults on the loan, a secured promissory note empowers the lender to take possession of the collateral in lieu of payment.
A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.