An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.
In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.
Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.
The West Virginia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions of an agreement between a debtor and creditor regarding the refinancing of the debtor's property. This agreement is designed to provide a solution for debt repayment by allowing the creditor to take ownership of the debtor's property through refinancing. The debtor agrees to transfer the title of the property to the creditor in exchange for reducing or eliminating their outstanding debt. The West Virginia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor serves as a legal instrument to protect the interests of both parties involved. It ensures that the debtor's debt is settled while giving the creditor an opportunity to acquire the property as a form of collateral. There might be different types of West Virginia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor, such as: 1. Partial Refinancing Agreement: In this type of agreement, the creditor agrees to refinance a portion of the debtor's debt, resulting in a reduced outstanding balance. 2. Full Refinancing Agreement: This agreement involves the complete refinancing of the debtor's outstanding debt by the creditor, resulting in the entire debt being settled in exchange for the transfer of the property title. 3. Debt Reduction Agreement: In some cases, the creditor may choose to reduce the debtor's debt to a certain extent based on the refinancing of the property. This type of agreement allows for a reduction in the total debt amount while still transferring the property title. 4. Debt Elimination Agreement: This type of agreement allows the debtor to completely eliminate their debt through refinancing, provided the creditor takes full ownership of the property. This agreement is beneficial for debtors who want to start fresh without any outstanding debts. It is essential for both the debtor and creditor to carefully review and understand the terms and conditions stated in the West Virginia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor before signing. It is advised to consult with a legal professional to ensure all aspects of the agreement are legally sound and protect the rights of both parties involved.
