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.
Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal arrangement that involves transferring ownership of a property from the debtor to the creditor as a means of settling a debt. This agreement is a form of accord and satisfaction, wherein the debtor refinances their property and uses the proceeds to repay their outstanding debt to the creditor. Key terms associated with Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor include refinancing, property transfer, debt settlement, creditor, debtor, and accord and satisfaction. Different types of Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may be categorized based on the specific circumstances or variations in the agreement. These may include: 1. Residential Property Refinancing Agreement: This type of agreement applies when a debtor refinances their residential property and transfers ownership to the creditor to settle the debt. 2. Commercial Property Refinancing Agreement: In cases where the debtor owns commercial property, this type of agreement enables the debtor to refinance and transfer ownership to the creditor for debt settlement. 3. Mortgage Refinancing Agreement: This agreement type specifically focuses on refinancing the existing mortgage on the debtor's property, enabling the creditor to become the new mortgage holder as part of the accord and satisfaction. 4. Property Transfer Agreement with Debt Forgiveness: This variation involves the transfer of property from the debtor to the creditor as a full settlement of the debt owed, including total or partial forgiveness of the remaining debt amount. It may be applicable in situations where the property's value exceeds the outstanding debt. 5. Collateral Property Refinancing Agreement: When the debtor offers a property, often used as collateral, as a means of refinancing and repaying the debt, this type of agreement comes into play. The creditor assumes ownership of the collateral property to satisfy the outstanding debt. It is essential to consult with legal professionals experienced in debt settlement and property matters to ensure that any Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is properly drafted, executed, and in compliance with applicable state and federal laws.Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal arrangement that involves transferring ownership of a property from the debtor to the creditor as a means of settling a debt. This agreement is a form of accord and satisfaction, wherein the debtor refinances their property and uses the proceeds to repay their outstanding debt to the creditor. Key terms associated with Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor include refinancing, property transfer, debt settlement, creditor, debtor, and accord and satisfaction. Different types of Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may be categorized based on the specific circumstances or variations in the agreement. These may include: 1. Residential Property Refinancing Agreement: This type of agreement applies when a debtor refinances their residential property and transfers ownership to the creditor to settle the debt. 2. Commercial Property Refinancing Agreement: In cases where the debtor owns commercial property, this type of agreement enables the debtor to refinance and transfer ownership to the creditor for debt settlement. 3. Mortgage Refinancing Agreement: This agreement type specifically focuses on refinancing the existing mortgage on the debtor's property, enabling the creditor to become the new mortgage holder as part of the accord and satisfaction. 4. Property Transfer Agreement with Debt Forgiveness: This variation involves the transfer of property from the debtor to the creditor as a full settlement of the debt owed, including total or partial forgiveness of the remaining debt amount. It may be applicable in situations where the property's value exceeds the outstanding debt. 5. Collateral Property Refinancing Agreement: When the debtor offers a property, often used as collateral, as a means of refinancing and repaying the debt, this type of agreement comes into play. The creditor assumes ownership of the collateral property to satisfy the outstanding debt. It is essential to consult with legal professionals experienced in debt settlement and property matters to ensure that any Queens, New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is properly drafted, executed, and in compliance with applicable state and federal laws.
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.
