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.
A Franklin Ohio Change or Modification Agreement of Deed of Trust is a legal document that allows parties involved in a mortgage loan to make alterations or adjustments to the terms outlined in the original Deed of Trust. This agreement is typically used when certain circumstances arise that require modifications to the existing mortgage terms, such as changes in interest rates, payment schedules, or loan amounts. In Franklin Ohio, there are different types of Change or Modification Agreement of Deed of Trust that are commonly encountered: 1. Interest Rate Modification Agreement: This type of agreement is utilized when the parties involved wish to change the interest rate on the loan. It can be done to either increase or decrease the interest rate, depending on the mutual agreement reached between the borrower and the lender. 2. Payment Schedule Modification Agreement: If the borrower is finding it difficult to meet the existing payment schedule, a modification agreement can be drawn up to adjust the repayment plan. This may involve extending the loan term, changing the payment frequency (e.g., monthly to biweekly), or re-amortizing the loan to reduce monthly payments. 3. Loan Amount Modification Agreement: Sometimes, borrowers may face financial hardships that require a reduction in the loan principal or an increase in the loan amount in the case of additional funding requirements. This type of modification agreement allows for adjustments to the original loan amount. 4. Terms and Conditions Modification Agreement: In certain cases, it may be necessary to modify other terms and conditions of the original Deed of Trust. This could include changes to prepayment penalties, loan assumption provisions, or any other clauses that both parties agree to revise. When drafting a Franklin Ohio Change or Modification Agreement of Deed of Trust, it is crucial to clearly outline the desired modifications and ensure that both parties clearly understand and agree upon the new terms. Additionally, seeking legal guidance or consultation is advisable to ensure compliance with local laws and regulations. Overall, a Franklin Ohio Change or Modification Agreement of Deed of Trust provides a flexible solution for borrowers and lenders, allowing them to adapt to changing circumstances and mutually agree upon modified loan terms.
