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.
San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document that outlines the terms and conditions of resolving a debt through refinancing a property. It is a mutually agreed upon arrangement between a debtor and a creditor where the debtor transfers the ownership of their property to the creditor in exchange for the satisfaction of their debt. Keywords: San Diego California, Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. Types of San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor: 1. Residential Property Refinancing Agreement: This type of agreement is used when the debt in question is linked to a residential property. It specifies the terms of refinancing the residential property and transferring ownership to the creditor in exchange for the debt satisfaction. 2. Commercial Property Refinancing Agreement: When the debt is related to a commercial property, this type of agreement is utilized. It covers the specifics of refinancing the commercial property and transferring ownership to the creditor as a means of resolving the debt. 3. Mortgage Refinancing Agreement: This type of San Diego California Agreement for Accord and Satisfaction focuses specifically on refinancing a mortgage, regardless of whether it is for a residential or commercial property. It outlines the terms and conditions for transferring ownership of the mortgaged property to the creditor to settle the debt. 4. Land Refinancing Agreement: In cases where the debt is connected to a piece of land, a Land Refinancing Agreement comes into play. It establishes the guidelines for refinancing the land and transferring ownership to the creditor in order to satisfy the debt. It is important to consult a legal professional or seek professional advice before entering into any San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor to ensure the document is drafted and executed correctly, and to protect the interests of all parties involved.San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document that outlines the terms and conditions of resolving a debt through refinancing a property. It is a mutually agreed upon arrangement between a debtor and a creditor where the debtor transfers the ownership of their property to the creditor in exchange for the satisfaction of their debt. Keywords: San Diego California, Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. Types of San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor: 1. Residential Property Refinancing Agreement: This type of agreement is used when the debt in question is linked to a residential property. It specifies the terms of refinancing the residential property and transferring ownership to the creditor in exchange for the debt satisfaction. 2. Commercial Property Refinancing Agreement: When the debt is related to a commercial property, this type of agreement is utilized. It covers the specifics of refinancing the commercial property and transferring ownership to the creditor as a means of resolving the debt. 3. Mortgage Refinancing Agreement: This type of San Diego California Agreement for Accord and Satisfaction focuses specifically on refinancing a mortgage, regardless of whether it is for a residential or commercial property. It outlines the terms and conditions for transferring ownership of the mortgaged property to the creditor to settle the debt. 4. Land Refinancing Agreement: In cases where the debt is connected to a piece of land, a Land Refinancing Agreement comes into play. It establishes the guidelines for refinancing the land and transferring ownership to the creditor in order to satisfy the debt. It is important to consult a legal professional or seek professional advice before entering into any San Diego California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor to ensure the document is drafted and executed correctly, and to protect the interests of all parties involved.
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.
