The New Mexico Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement is a legal document specific to the state of New Mexico. It serves as an addendum or an additional clause to the mortgage, deed of trust, or security agreement, providing supplementary provisions regarding balloon payments. In New Mexico, there are two main types of the Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement: 1. Fixed-Term Balloon Note Addendum and Rider: This type of addendum is used when the borrower agrees to make regular monthly payments for a specific period, say 10 or 15 years, followed by a single lump-sum payment known as a "balloon payment." The balloon payment is typically significantly larger than the regular monthly payments, and it serves as the final payment to satisfy the loan in full. 2. Adjustable-Rate Balloon Note Addendum and Rider: This addendum is similar to the fixed-term balloon note, but with an adjustable interest rate. The interest rate on the loan adjusts periodically, often annually or semi-annually, based on an index such as the Treasury Bill rate or the LIBOR. The adjustments may impact the amount of the monthly payments, and the final balloon payment will be due at the end of the specified term. Both types of New Mexico Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement include essential details regarding the loan terms, such as the principal amount, interest rate, payment schedule, and the maturity date. These addendums also outline the borrower's obligation to make the balloon payment when due, as well as any relevant prepayment penalties or conversion options. It's crucial for borrowers and lenders in New Mexico to consult with legal professionals or real estate experts to understand the specific provisions and implications of a Balloon Secured Note Addendum and Rider. These documents ensure clarity and protect the interests of all parties involved in the mortgage, deed of trust, or security agreement.
New Mexico Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement
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