An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage 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.
Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest is a legal document that outlines the extension of a mortgage term, assumption of debt by a new property owner, and an increase in the interest rate in Fairfax, Virginia. This agreement typically occurs when a property is sold, and the new owner agrees to take on the existing mortgage. Keywords: Fairfax Virginia, Mortgage Extension Agreement, Assumption of Debt, New Owner, Real Property, Covered by the Mortgage, Increase of Interest Types of Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest: 1. Residential Mortgage Extension Agreement with Assumption of Debt: This type of agreement applies to residential properties within Fairfax, Virginia, where the mortgage term is extended, and the new owner assumes the existing debt. The agreement also includes an increase in the interest rate. 2. Commercial Mortgage Extension Agreement with Assumption of Debt: This agreement is specifically designed for commercial properties located in Fairfax, Virginia. It covers the extension of the mortgage term along with the assumption of debt by the new owner. Additionally, the agreement stipulates an increase in the interest rate. 3. Investment Property Mortgage Extension Agreement with Assumption of Debt: This type of agreement is used when an investment property is sold in Fairfax, Virginia. It outlines the extension of the mortgage term, the assumption of debt by the new owner, and an increase in the interest rate. 4. Condominium Mortgage Extension Agreement with Assumption of Debt: This particular agreement applies to condominium units in Fairfax, Virginia. It covers the extension of the mortgage term, assumption of debt by the new owner, and an increase in the interest rate. 5. Land Mortgage Extension Agreement with Assumption of Debt: This agreement is used when land is sold within Fairfax, Virginia. It outlines the extension of the mortgage term, assumption of debt by the new owner, and an increase in the interest rate. It is essential to consult with a legal professional specializing in real estate transactions to draft and clarify the specific terms of Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest based on the unique circumstances of each situation.Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest is a legal document that outlines the extension of a mortgage term, assumption of debt by a new property owner, and an increase in the interest rate in Fairfax, Virginia. This agreement typically occurs when a property is sold, and the new owner agrees to take on the existing mortgage. Keywords: Fairfax Virginia, Mortgage Extension Agreement, Assumption of Debt, New Owner, Real Property, Covered by the Mortgage, Increase of Interest Types of Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest: 1. Residential Mortgage Extension Agreement with Assumption of Debt: This type of agreement applies to residential properties within Fairfax, Virginia, where the mortgage term is extended, and the new owner assumes the existing debt. The agreement also includes an increase in the interest rate. 2. Commercial Mortgage Extension Agreement with Assumption of Debt: This agreement is specifically designed for commercial properties located in Fairfax, Virginia. It covers the extension of the mortgage term along with the assumption of debt by the new owner. Additionally, the agreement stipulates an increase in the interest rate. 3. Investment Property Mortgage Extension Agreement with Assumption of Debt: This type of agreement is used when an investment property is sold in Fairfax, Virginia. It outlines the extension of the mortgage term, the assumption of debt by the new owner, and an increase in the interest rate. 4. Condominium Mortgage Extension Agreement with Assumption of Debt: This particular agreement applies to condominium units in Fairfax, Virginia. It covers the extension of the mortgage term, assumption of debt by the new owner, and an increase in the interest rate. 5. Land Mortgage Extension Agreement with Assumption of Debt: This agreement is used when land is sold within Fairfax, Virginia. It outlines the extension of the mortgage term, assumption of debt by the new owner, and an increase in the interest rate. It is essential to consult with a legal professional specializing in real estate transactions to draft and clarify the specific terms of Fairfax Virginia Mortgage Extension Agreement with Assumption of Debt by New Owner of Real Property Covered by the Mortgage and Increase of Interest based on the unique circumstances of each situation.
