An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage was recorded. 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.
Illinois Agreement to Modify Promissory Note and Mortgage to Extend Maturity Date
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Multi-State
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US-01367BG
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Word;
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FAQ
A "loan modification" is a written agreement that permanently changes the promissory note's original terms to make the borrower's mortgage payments more affordable. A modification typically lowers the interest rate and extends the loan's term.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.
A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuer's signature.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
What is a Mortgage Modification Agreement? The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. A typical modification may include reducing the interest rate, extending the repayment term, lowering monthly payments, or even forgiving part of the debt.
For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
The borrower will then review and sign the document, thus making the Promissory Note legally binding and enforceable. Depending on the agreement, the lender may wish to have the document signed before a witness or notary public.
If you lend money to someone and the borrower later wants more time to pay, or lower monthly payments, you can use this form to make changes to the original promissory note.