A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. A deed of trust involves a third party called a trustee, usually an attorney of officer of the lender, who acts on behalf of the lender. When you sign a deed of trust, you in effect are giving a trustee title to the property, but you hold the rights and privileges to use and live in or on the property. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary (lender) may either be paid or obtain title. Unlike a mortgage, a deed of trust also gives the trustee the right to foreclose on your property without taking you to court first.
An agreement modifying a promissory note and deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original deed of trust was recorded.
Fairfax Virginia Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust is a legal document that allows parties involved in a real estate transaction to make amendments to the original terms of a promissory note or loan agreement. This agreement is specifically tailored for individuals or entities located in Fairfax, Virginia. Keywords: Fairfax Virginia, Agreement, Change, Modify, Interest Rate, Maturity Date, Payment Schedule, Promissory Note, Deed of Trust Types of Fairfax Virginia Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust: 1. Interest Rate Modification Agreement: This type of agreement focuses on altering the interest rate associated with a promissory note. Parties involved may negotiate and agree upon a new interest rate that better aligns with their financial objectives or changes in market conditions. 2. Maturity Date Extension Agreement: This agreement is specifically designed to extend the maturity date of a promissory note. Parties may decide to extend the repayment term due to various reasons such as financial hardships, changes in business plans, or unforeseen circumstances. 3. Payment Schedule Modification Agreement: This type of agreement allows parties to modify the payment schedule of a promissory note. They can negotiate changes to the frequency or amount of payments, ensuring they suit the borrower's financial capabilities or align with the lender's requirements. 4. Comprehensive Agreement: In certain cases, parties may require modifications to multiple aspects of a promissory note. In such instances, a comprehensive agreement can be drafted to cover changes to interest rate, maturity date, and payment schedule simultaneously. This type of agreement provides a holistic approach to modifying the terms of the promissory note. It is important to note that Fairfax Virginia has specific legal requirements and regulations surrounding loan agreements and modifications. It is advisable to consult with an attorney specializing in real estate law to ensure compliance with local laws and proper execution of the Fairfax Virginia Agreement to Change or Modify Interest Rate, Maturity Date, and Payment Schedule of Promissory Note Secured by a Deed of Trust.
