An agreement modifying a loan agreement and a deed of trust should be signed by both parties to the transaction and recorded in the office of the register of deeds and deeds of trust where the original deed of trust was recorded. Such a modification or extension is contractual in nature and must be supported by consideration. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Description: A Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate refers to a legally binding agreement that allows borrowers in Wayne, Michigan to extend the maturity date of their loan while also increasing the interest rate. This arrangement provides flexibility for borrowers who require more time to repay their loan while still compensating the lender for the extended period. Types of Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate may include: 1. Residential Mortgage Extension: — This type of extension is relevant to homeowners in Wayne, Michigan who wish to extend the maturity date and increase the interest rate on their mortgage loan, typically secured by their residential property. 2. Commercial Loan Extension: — Business owners or commercial property owners in Wayne, Michigan may opt for this type of extension to prolong the maturity date and adjust the interest rate on their commercial loan secured by a deed of trust on their property. 3. Personal Loan Extension: — Individuals residing in Wayne, Michigan who have personal loans secured by a deed of trust may seek this type of extension to modify the maturity date and interest rate to better suit their financial circumstances. 4. Automotive Loan Extension: — For individuals in Wayne, Michigan with auto loans secured by a deed of trust, this extension option allows them to extend the loan's maturity date and modify the interest rate, ensuring more manageable monthly payments. 5. Agricultural Loan Extension: — Farmers or agricultural landowners in Wayne, Michigan may utilize this type of extension to adjust the maturity date and interest rate of their agricultural loans while securing the loan with a deed of trust on their property. When entering into a Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate, both parties must agree to the new terms and sign the necessary legal documentation. It is crucial for borrowers to fully understand the implications of extending the loan term and the increased interest rate to make an informed decision that aligns with their financial goals and obligations.Description: A Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate refers to a legally binding agreement that allows borrowers in Wayne, Michigan to extend the maturity date of their loan while also increasing the interest rate. This arrangement provides flexibility for borrowers who require more time to repay their loan while still compensating the lender for the extended period. Types of Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate may include: 1. Residential Mortgage Extension: — This type of extension is relevant to homeowners in Wayne, Michigan who wish to extend the maturity date and increase the interest rate on their mortgage loan, typically secured by their residential property. 2. Commercial Loan Extension: — Business owners or commercial property owners in Wayne, Michigan may opt for this type of extension to prolong the maturity date and adjust the interest rate on their commercial loan secured by a deed of trust on their property. 3. Personal Loan Extension: — Individuals residing in Wayne, Michigan who have personal loans secured by a deed of trust may seek this type of extension to modify the maturity date and interest rate to better suit their financial circumstances. 4. Automotive Loan Extension: — For individuals in Wayne, Michigan with auto loans secured by a deed of trust, this extension option allows them to extend the loan's maturity date and modify the interest rate, ensuring more manageable monthly payments. 5. Agricultural Loan Extension: — Farmers or agricultural landowners in Wayne, Michigan may utilize this type of extension to adjust the maturity date and interest rate of their agricultural loans while securing the loan with a deed of trust on their property. When entering into a Wayne Michigan Extension of Loan Agreement Secured by a Deed of Trust as to Maturity Date and Increase in Interest Rate, both parties must agree to the new terms and sign the necessary legal documentation. It is crucial for borrowers to fully understand the implications of extending the loan term and the increased interest rate to make an informed decision that aligns with their financial goals and obligations.
