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.
The Suffolk New York 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 refinancing a debtor's property under the creditor's name, thus resolving a debt dispute. This agreement is commonly used when a debtor is struggling to make mortgage payments and the creditor agrees to take ownership of the property in exchange for refinancing the debt. In the Suffolk New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, the creditor takes on the role of the new property owner and assumes responsibility for the monthly mortgage payments. These reliefs the debtor of the financial burden and allows them to settle the outstanding debt. This type of agreement offers various benefits to both parties involved. For the debtor, it provides immediate relief from financial distress by transferring the ownership and payment obligation to the creditor. The debtor can avoid foreclosure, protect their credit score, and potentially secure better loan terms through refinancing. On the other hand, the creditor gains ownership of the property, which can be utilized for a variety of purposes, such as renting it out or selling it to recover any losses. By assuming control over the property, the creditor has the opportunity to generate income or reduce their liability. While the Suffolk New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a generalized term for this type of agreement, there may be different variations or specific agreements with additional clauses or conditions. Some of these may include provisions related to the refinanced mortgage amount, interest rates, payment schedules, or any additional financial obligations. Overall, this agreement provides a legally binding resolution for debt repayment by transferring the property ownership to the creditor in exchange for refinancing the mortgage. It offers an alternative path for debtors struggling with mortgage payments while providing a potential solution for creditors seeking to recover their funds.The Suffolk New York 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 refinancing a debtor's property under the creditor's name, thus resolving a debt dispute. This agreement is commonly used when a debtor is struggling to make mortgage payments and the creditor agrees to take ownership of the property in exchange for refinancing the debt. In the Suffolk New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, the creditor takes on the role of the new property owner and assumes responsibility for the monthly mortgage payments. These reliefs the debtor of the financial burden and allows them to settle the outstanding debt. This type of agreement offers various benefits to both parties involved. For the debtor, it provides immediate relief from financial distress by transferring the ownership and payment obligation to the creditor. The debtor can avoid foreclosure, protect their credit score, and potentially secure better loan terms through refinancing. On the other hand, the creditor gains ownership of the property, which can be utilized for a variety of purposes, such as renting it out or selling it to recover any losses. By assuming control over the property, the creditor has the opportunity to generate income or reduce their liability. While the Suffolk New York Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a generalized term for this type of agreement, there may be different variations or specific agreements with additional clauses or conditions. Some of these may include provisions related to the refinanced mortgage amount, interest rates, payment schedules, or any additional financial obligations. Overall, this agreement provides a legally binding resolution for debt repayment by transferring the property ownership to the creditor in exchange for refinancing the mortgage. It offers an alternative path for debtors struggling with mortgage payments while providing a potential solution for creditors seeking to recover their funds.
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.
