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.
Agreement to Modify Promissory Note and Mortgage to Extend Maturity Date
Category:
State:
Multi-State
Control #:
US-01367BG
Format:
Word;
Rich Text
Instant download
Description Promissory Note Extension Template
Free preview Promissory Note Extension
How to fill out Agreement Promissory Note?
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Agreement Promissory Note Template Form popularity
Maturity Date Sample Other Form Names
Modify Promissory Note
Amendment To Promissory Note
Extend Maturity Date Promissory Note
Maturity Date Pdf
Mortgage Promissory Note Example
Promissory Note Agreement
Note Modification
Promissory Note Maturity FAQ
In the unlikely event a borrower defaults on a promissory note, it is the lender's responsibility to execute the collection action necessary to claim the item(s) used as collateral. These actions may include: Foreclosure (for real estate investments) Repossession.
The Promissory Note is hereby modified and amended by deleting the last sentence of the first paragraph of the Promissory Note in its entirety, and replacing it with the following: All outstanding principal and interest shall be due and payable on June 3, 2012 (the Due Date).
The Loan shall be evidenced and governed by a new promissory note (the New Note) which amends and restates in its entirety, but does not extinguish, the Note. Anything to the contrary notwithstanding, if any inconsistency exists between the Loan Agreement and the New Note, the New Note shall control.
Identify the terms of the note that are creating difficulty in repayment. Communicate your need to modify the terms of the note to the note holder. Have the holder of the note draft modifications to the original note. Tip.
A loan extension agreement allows the maturity date to be extended on a current note. The agreement amends the current loan along with any other terms that agreed-upon by the lender and borrower.
Loan modification is better for the lenderLoan modification isn't the same as refinancing, which helps you get a better interest rate if you have a good enough credit score. Instead, loan modification tends to be the best option for a homeowner whose credit is bad and can't refinance the loan.
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgagesuch as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
A promissory note is a contract, a binding agreement that someone will pay your business a sum of money. However under some circumstances if the note has been altered, it wasn't correctly written, or if you don't have the right to claim the debt then, the contract becomes null and void.
A loan modification can improve your terms and save you money without the cost and hassle of a refinance. Unlike a full refinance, a loan modification is not a new note, nor is it a replacement of your original note. It is simply an addendum to the original document, changing the terms as agreed.