An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.
In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.
Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.
Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal agreement that involves the refinancing of a debtor's property in the name of the creditor to satisfy a debt. This agreement is commonly used in Contra Costa County, located in the state of California, to resolve outstanding debts between parties. Keywords: Contra Costa California, agreement, accord and satisfaction, refinancing, debtor's property, creditor. There are variations of this agreement, depending on the specific circumstances and terms agreed upon by the parties involved. Some possible types of Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may include: 1. Mortgage Refinancing Agreement: This type of agreement is typically used when the debtor's property is mortgaged, and the creditor agrees to refinance the existing mortgage in their name as a form of debt settlement. 2. Deed-in-Lieu of Foreclosure Agreement: In this variation, the debtor transfers the ownership of the property to the creditor through a deed, in exchange for the creditor forgiving the remaining debt. 3. Loan Assumption Agreement: This agreement involves the debtor obtaining a new loan in the creditor's name, taking over the responsibility for the debt and using the proceeds to pay off the existing debt. 4. Short Sale Agreement: In a short sale agreement, the debtor sells the property for less than the outstanding mortgage amount, with the creditor agreeing to accept the proceeds of the sale as full satisfaction of the debt. 5. Forbearance Agreement: This type of agreement is a temporary arrangement where the creditor agrees to suspend or reduce the debtor's mortgage payments for a specified period, allowing the debtor time to recover financially. It is important for both parties involved to consult legal professionals and thoroughly review all terms and conditions before entering into any Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor.Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal agreement that involves the refinancing of a debtor's property in the name of the creditor to satisfy a debt. This agreement is commonly used in Contra Costa County, located in the state of California, to resolve outstanding debts between parties. Keywords: Contra Costa California, agreement, accord and satisfaction, refinancing, debtor's property, creditor. There are variations of this agreement, depending on the specific circumstances and terms agreed upon by the parties involved. Some possible types of Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may include: 1. Mortgage Refinancing Agreement: This type of agreement is typically used when the debtor's property is mortgaged, and the creditor agrees to refinance the existing mortgage in their name as a form of debt settlement. 2. Deed-in-Lieu of Foreclosure Agreement: In this variation, the debtor transfers the ownership of the property to the creditor through a deed, in exchange for the creditor forgiving the remaining debt. 3. Loan Assumption Agreement: This agreement involves the debtor obtaining a new loan in the creditor's name, taking over the responsibility for the debt and using the proceeds to pay off the existing debt. 4. Short Sale Agreement: In a short sale agreement, the debtor sells the property for less than the outstanding mortgage amount, with the creditor agreeing to accept the proceeds of the sale as full satisfaction of the debt. 5. Forbearance Agreement: This type of agreement is a temporary arrangement where the creditor agrees to suspend or reduce the debtor's mortgage payments for a specified period, allowing the debtor time to recover financially. It is important for both parties involved to consult legal professionals and thoroughly review all terms and conditions before entering into any Contra Costa California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
