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.
Virginia Change or Modification Agreement of Deed of Trust is a legal document used for making alterations or modifications to an existing deed of trust in the state of Virginia. This agreement allows the parties involved to change certain terms or conditions of the original deed of trust without completely canceling and re-drafting a new document. Keywords: Virginia, Change or Modification Agreement, Deed of Trust, alterations, modifications, terms, conditions, canceling, re-drafting. Different Types of Virginia Change or Modification Agreement of Deed of Trust: 1. Interest Rate Change Agreement: This type of modification agreement focuses on changing the interest rate specified in the original deed of trust. Parties may enter into this agreement to adjust the interest rate based on prevailing market conditions or as per the borrower's request. 2. Extension Agreement: An extension agreement is used when both parties decide to extend the original maturity date of the loan. This allows the borrower to have additional time to repay the loan, while the lender agrees to the modified timeline by amending the deed of trust. 3. Payment Modification Agreement: In situations where a borrower faces temporary financial difficulties, a payment modification agreement can be executed. This modification may involve reducing the monthly installment or temporarily suspending payments until the borrower's financial situation improves. 4. Collateral Change Agreement: This type of modification agreement is used when the parties involved agree to modify the collateral used to secure the loan. For example, if the original deed of trust lists a property as collateral, but both parties agree to substitute it with a different property, a collateral change agreement can be executed. 5. Subordination Agreement: When a borrower intends to refinance their primary mortgage, they may need to obtain a subordination agreement. This agreement allows the new lender to hold a first lien position, while the existing lender agrees to subordinate their lien position to the new lender. In all these types of Virginia Change or Modification Agreements of Deed of Trust, it is essential to consult legal professionals to ensure compliance with state laws and to protect the rights and interests of all parties involved.
Virginia Change or Modification Agreement of Deed of Trust is a legal document used for making alterations or modifications to an existing deed of trust in the state of Virginia. This agreement allows the parties involved to change certain terms or conditions of the original deed of trust without completely canceling and re-drafting a new document. Keywords: Virginia, Change or Modification Agreement, Deed of Trust, alterations, modifications, terms, conditions, canceling, re-drafting. Different Types of Virginia Change or Modification Agreement of Deed of Trust: 1. Interest Rate Change Agreement: This type of modification agreement focuses on changing the interest rate specified in the original deed of trust. Parties may enter into this agreement to adjust the interest rate based on prevailing market conditions or as per the borrower's request. 2. Extension Agreement: An extension agreement is used when both parties decide to extend the original maturity date of the loan. This allows the borrower to have additional time to repay the loan, while the lender agrees to the modified timeline by amending the deed of trust. 3. Payment Modification Agreement: In situations where a borrower faces temporary financial difficulties, a payment modification agreement can be executed. This modification may involve reducing the monthly installment or temporarily suspending payments until the borrower's financial situation improves. 4. Collateral Change Agreement: This type of modification agreement is used when the parties involved agree to modify the collateral used to secure the loan. For example, if the original deed of trust lists a property as collateral, but both parties agree to substitute it with a different property, a collateral change agreement can be executed. 5. Subordination Agreement: When a borrower intends to refinance their primary mortgage, they may need to obtain a subordination agreement. This agreement allows the new lender to hold a first lien position, while the existing lender agrees to subordinate their lien position to the new lender. In all these types of Virginia Change or Modification Agreements of Deed of Trust, it is essential to consult legal professionals to ensure compliance with state laws and to protect the rights and interests of all parties involved.
