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.
A Georgia Change or Modification Agreement of Deed of Trust refers to a legal document that allows parties involved in a real estate transaction to modify or change the terms of their existing deed of trust. This agreement is commonly used when borrowers and lenders agree to make amendments to the original terms of a mortgage loan secured by a property in Georgia. In Georgia, there may be different types of Change or Modification Agreements of Deed of Trust, including: 1. Loan Modification Agreement: This type of agreement is typically entered into by borrowers who are facing financial difficulties and are unable to keep up with their mortgage payments. Through this agreement, the lender agrees to modify certain terms of the loan, such as the interest rate, repayment schedule, or loan term, to make it more manageable for the borrower. 2. Deed in Lieu of Foreclosure Agreement: In situations where a borrower is unable to afford their mortgage payments and wishes to avoid foreclosure, they may opt for a deed in lieu of foreclosure agreement. This type of agreement involves the borrower voluntarily transferring the property's ownership to the lender in exchange for the cancellation of the mortgage debt. 3. Assumption Agreement: An assumption agreement allows a new borrower to take over the existing mortgage loan by assuming the responsibilities and obligations of the original borrower. The lender must consent to this agreement, which usually requires the new borrower to meet certain eligibility criteria. 4. Subordination Agreement: Sometimes, borrowers may want to subordinate the priority of their existing deed of trust in favor of a new loan or mortgage that they wish to obtain. A subordination agreement allows the lender of the first mortgage to agree to the new loan taking priority over the existing mortgage. 5. Partial Release Agreement: If the property secured by a deed of trust includes multiple parcels, a partial release agreement may be used to release one or more of these parcels from the lien of the deed of trust. This allows the borrower to sell or refinance the released portions of the property while keeping the remaining parcels under the original mortgage. In summary, a Georgia Change or Modification Agreement of Deed of Trust enables borrowers and lenders to modify the terms of their original mortgage loan. These agreements may include loan modifications, deeds in lieu of foreclosure, assumption agreements, subordination agreements, or partial release agreements, depending on the specific requirements and objectives of the parties involved.
