An agreement modifying a loan agreement and a deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and deeds of trust where the original deed of trust was recorded. Such a modification or extension is contractual in nature and must be supported by consideration. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Florida Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate
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The maximum permissible interest rates in Florida are 18% per annum simple interest for loans up to $500,000.00, and 25% per annum simple interest for loans of $500,000.00 or more. Note that those figures represent simple interest per full calendar year.
(1) Any conveyance, obligation conditioned or defeasible, bill of sale, or other instrument of writing conveying or selling real property for the purpose or with the intention of securing the payment of money, whether such instrument is from the debtor to the creditor or from the debtor to some third person in trust ...
Chapter 687 - Interest and Usury; Lending Practices. 687.06 - Attorney's Fee in Enforcing Nonusurious Contracts; Proviso; Insurance Premiums; Attorney's Fee Provided in Note. 687.06 Attorney's fee in enforcing nonusurious contracts; proviso; insurance premiums; attorney's fee provided in note.
687.141 Loan brokers; prohibited acts. ?No loan broker shall: (1) Assess or collect an advance fee from a borrower to provide services as a loan broker.
Usury savings clauses generally state that the parties do not intend to charge usurious interest, and if the agreement is found to violate usury laws, then any offending interest should be treated instead as a principal payment and the balance of the loan recalculated ingly.
687.04 - Penalty for Usury; Not to Apply in Certain Situations. 687.05 - Provisions for Payment of Attorney's Fees. 687.06 - Attorney's Fee in Enforcing Nonusurious Contracts; Proviso; Insurance Premiums; Attorney's Fee Provided in Note. 687.071 - Criminal Usury, Loan Sharking.
(1) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest ...
Criminal usury, loan sharking. Person lending money to give borrower receipt for payments; contents of receipt; penalty for violation. Persons accepting chattel mortgage as security for loans under $100 to cause amount as principal, interest, and fees to be inserted.