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.
The Harris Texas Change or Modification Agreement of Deed of Trust is an essential legal document used to make amendments or alterations to an existing deed of trust in Harris County, Texas. This agreement allows parties involved in a real estate transaction to modify specific terms and conditions mentioned in the original deed of trust to better suit their changing requirements and circumstances. Whether it's adjusting the interest rate, changing repayment terms, or updating the property description, the agreement ensures that all parties are in agreement and legally bound to the modifications made. The Harris Texas Change or Modification Agreement of Deed of Trust comes in various forms, depending on the nature of the modification required. Some different types of modification agreements that can be encountered include: 1. Interest Rate Modification Agreement: This agreement is utilized when there is a need to modify the interest rate mentioned in the original deed of trust. It allows parties to alter the rate to reflect the current market conditions or to make the repayment more manageable for the borrower. 2. Repayment Term Extension Agreement: When a borrower is facing difficulties in meeting the originally agreed-upon repayment schedule, this agreement is used to extend the repayment period mentioned in the deed of trust. This modification allows the borrower to have more time to fulfill their obligations without defaulting on the loan. 3. Principal Reduction Agreement: In situations where the borrower wants to reduce the outstanding principal amount owed, a Principal Reduction Agreement is employed. This agreement allows for a negotiated reduction in the debt, allowing the borrower to repay a smaller amount. 4. Property Description Amendment Agreement: This agreement is necessary when there is a need to modify the property description mentioned in the original deed of trust. It may be required due to errors or changes in the property boundary or legal descriptions. These different types of Harris Texas Change or Modification Agreement of Deed of Trust provide flexibility and customization to parties involved in a real estate transaction. It ensures that all modifications are documented appropriately and legally binding for all concerned.
