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 Minnesota Change or Modification Agreement of Deed of Trust is a legal document that allows borrowers and lenders to make amendments or modifications to an existing deed of trust in Minnesota. This agreement is commonly used when certain terms or provisions of the original deed of trust need to be altered due to changing circumstances or the mutual agreement of both parties involved. By using this agreement, the original terms of the deed of trust can be modified without the need to create an entirely new mortgage agreement. In Minnesota, there are different types of Change or Modification Agreements of Deed of Trust that can be utilized based on the specific modification needed. These may include: 1. Interest Rate Modification: This type of modification agreement allows for adjustments to the interest rate specified in the original deed of trust. It may result in an increase or decrease in the interest rate, depending on the negotiated terms. 2. Payment Modification: This agreement is used when borrowers are experiencing difficulty in making their mortgage payments. It allows for changes to the payment terms, including extending the loan term, reducing the monthly payment amount, or adjusting the payment schedule. 3. Loan Assumption Modification: In cases where a new borrower assumes the existing loan, the original deed of trust can be modified using this agreement. It transfers the responsibility and liability for the mortgage from the original borrower to the new borrower. 4. Collateral Modification: If there is a need to modify the collateral described in the original deed of trust, this agreement can be utilized. It allows for changes to the property covered by the deed of trust, such as adding or removing additional properties as collateral. 5. Term Modification: This type of modification agreement pertains to changing the duration of the loan. The original deed of trust may be modified to extend or shorten the loan term, providing flexibility to both the borrower and the lender. When utilizing a Minnesota Change or Modification Agreement of Deed of Trust, it is crucial to ensure that all modifications and changes are clearly outlined, agreed upon, and signed by all parties involved. This agreement acts as a legally binding document that helps protect the interests of both borrowers and lenders and ensures that any modifications to the original deed of trust are properly documented and enforceable.
