A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. A deed of trust involves a third party called a trustee, usually an attorney of officer of the lender, who acts on behalf of the lender. When you sign a deed of trust, you in effect are giving a trustee title to the property, but you hold the rights and privileges to use and live in or on the property. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary (lender) may either be paid or obtain title. Unlike a mortgage, a deed of trust also gives the trustee the right to foreclose on your property without taking you to court first.
An agreement modifying a promissory note and deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original deed of trust was recorded.
Oregon Agreement to Change or Modify Interest Rate An Oregon Agreement to Change or Modify Interest Rate is a legal document that allows parties to make amendments to the interest rate specified in a promissory note secured by a deed of trust. This agreement provides a formal and binding framework for modifying the interest rate, ensuring that both parties are in agreement and understand the terms of the changes being made. Maturity Date Modification in Oregon The Oregon Agreement to Change or Modify Maturity Date pertains to altering the maturity date of a promissory note secured by a deed of trust. This modification allows the parties involved to extend or shorten the repayment period, providing flexibility for borrowers and lenders when unforeseen circumstances or changing financial situations arise. Payment Schedule Adjustment in Oregon The Oregon Agreement to Change or Modify Payment Schedule relates to the adjustment of the payment schedule outlined in a promissory note secured by a deed of trust. This agreement enables parties to revise the repayment plan, whether it involves changing the frequency of payments, adjusting the installment amounts, or modifying other terms related to the payment schedule. Different Types of Oregon Agreements to Change or Modify While the specific names may vary, the common types of Oregon agreements to change or modify interest rate, maturity date, and payment schedule of promissory notes secured by deeds of trust include: 1. Interest Rate Modification Agreement 2. Maturity Date Extension/Shortening Agreement 3. Payment Schedule Adjustment Agreement 4. Comprehensive Modification Agreement 5. Partial Modification Agreement 6. Temporary Interest Rate Modification Agreement 7. Limited Maturity Date Modification Agreement 8. Revised Amortization Schedule Agreement These agreements, tailored to meet the specific needs of the parties involved and the circumstances at hand, serve as legally binding documents that ensure transparency and clarity in modifying the terms of promissory notes secured by deeds of trust in Oregon.
