Deed Of Trust Modification Form With Assignment Of Rents In Michigan

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• Control #: US-00183
• Format: Word; Rich Text

Description

The Deed of Trust Modification Form with Assignment of Rents in Michigan is a legal instrument used to modify existing mortgage or trust agreements, thereby ensuring that debts secured by them are adjusted to current terms. This form is particularly important as it allows borrowers and lenders to formalize changes such as extending payment timelines, altering interest rates, or specifying payment terms, which are critical in maintaining the integrity of lending relationships. The form requires users to fill in details about the borrower, co-grantor, lender, and the specifics of the property involved, ensuring that all parties are duly identified and their obligations clearly outlined. Key features include provisions for the renewal and extension of liens, amendment of the security instrument, co-grantor liability acknowledgments, and detailed payment terms including interest rates and late charges. The form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants who manage real estate transactions, as it reduces the risks of disputes by ensuring clarity in financial agreements. By following the provided instructions for completion, legal professionals can effectively use this form to secure and modify the financial interests related to real estate properties.