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.
Virginia Agreement to Modify Interest Rate on Promissory Note Secured by a Mortgage
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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 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.
The original contract may be restated in order to include the new changes that were made by the amendment to the promissory note. Amendments to a promissory note may only be made with consent from the lender and will be considered binding by all parties involved.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
The borrower will then review and sign the document, thus making the Promissory Note legally binding and enforceable. Depending on the agreement, the lender may wish to have the document signed before a witness or notary public.
§ 6.2-303. A. Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year.
A "loan modification" is a written agreement that permanently changes the promissory note's original terms to make the borrower's mortgage payments more affordable. A modification typically lowers the interest rate and extends the loan's term.