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.
Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legally binding agreement that allows a debtor to settle their outstanding debt by refinancing their property in the name of the creditor. This agreement is commonly used in Houston, Texas, and is a type of debt settlement option available to debtors. In this agreement, the debtor agrees to refinance their property, such as a house or commercial building, in the name of the creditor. This means that the lender becomes the new owner of the property, and the debtor's debt is considered satisfied once the refinancing process is completed successfully. The key purpose of this agreement is to provide a mutually beneficial solution for both the debtor and the creditor. For debtors, it offers a way to settle their debt without losing their property entirely, while creditors can secure repayment by gaining ownership of the property through refinancing. There are several types of Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of the Creditor, including: 1. Residential Property Refinancing Agreement: This type of agreement applies to debtors who own residential properties, such as houses or apartments. 2. Commercial Property Refinancing Agreement: This agreement is specifically designed for debtors who own commercial properties, such as retail spaces or office buildings. 3. Land Refinancing Agreement: In cases where the debtor owns vacant land, this type of refinancing agreement can be utilized to settle the debt. 4. Mortgage Refinancing Agreement: This agreement focuses solely on refinancing mortgage debts on properties owned by the debtor. 5. Personal Property Refinancing Agreement: This particular agreement applies when the debtor wishes to use personal property, such as vehicles or valuable assets, to refinance their debt. It is crucial for both parties involved to carefully review and understand the terms and conditions outlined in the Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor before signing. Seeking legal advice and documentation assistance is highly recommended ensuring compliance with relevant laws and regulations. Overall, this agreement provides an alternative solution for debtors struggling with financial obligations by allowing them to use their property as a means of debt settlement.Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legally binding agreement that allows a debtor to settle their outstanding debt by refinancing their property in the name of the creditor. This agreement is commonly used in Houston, Texas, and is a type of debt settlement option available to debtors. In this agreement, the debtor agrees to refinance their property, such as a house or commercial building, in the name of the creditor. This means that the lender becomes the new owner of the property, and the debtor's debt is considered satisfied once the refinancing process is completed successfully. The key purpose of this agreement is to provide a mutually beneficial solution for both the debtor and the creditor. For debtors, it offers a way to settle their debt without losing their property entirely, while creditors can secure repayment by gaining ownership of the property through refinancing. There are several types of Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of the Creditor, including: 1. Residential Property Refinancing Agreement: This type of agreement applies to debtors who own residential properties, such as houses or apartments. 2. Commercial Property Refinancing Agreement: This agreement is specifically designed for debtors who own commercial properties, such as retail spaces or office buildings. 3. Land Refinancing Agreement: In cases where the debtor owns vacant land, this type of refinancing agreement can be utilized to settle the debt. 4. Mortgage Refinancing Agreement: This agreement focuses solely on refinancing mortgage debts on properties owned by the debtor. 5. Personal Property Refinancing Agreement: This particular agreement applies when the debtor wishes to use personal property, such as vehicles or valuable assets, to refinance their debt. It is crucial for both parties involved to carefully review and understand the terms and conditions outlined in the Houston Texas Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor before signing. Seeking legal advice and documentation assistance is highly recommended ensuring compliance with relevant laws and regulations. Overall, this agreement provides an alternative solution for debtors struggling with financial obligations by allowing them to use their property as a means of debt settlement.
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.
