This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Modification Agreement For Mortgage In Montgomery
State:
Multi-State
County:
Montgomery
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
A mortgage modification changes the terms of your original mortgage agreement. Your lender will work with you to try and find a way to lower your monthly payment by adjusting the terms of your current mortgage. The goal is to help you get back on track.
Generally, once you've locked in a mortgage rate, the terms are fixed and usually cannot be renegotiated. However, some lenders offer a float down option, allowing you to negotiate mortgage rates if market conditions shift favorably during the rate lock-in period.
The top candidates for mortgage modification are homeowners behind on their payments, or in danger of falling behind, and those who are faced with potential foreclosure as a result of unanticipated or unavoidable (and demonstrable) financial hardship.