Mortgage Extension Agreement

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This Mortgage Extension Agreement is between a mortgage borrower and mortgage lender who mutually agree to extend the time for payment of a mortgage. This agreement sets out any revised terms of the mortgage including the new due date, interest rate or payment amount. It is important that this type of extension agreement be set out in writing rather than through an oral agreement.

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This Mortgage Extension Agreement is between a mortgage borrower (the “mortgagor”) and a mortgage lender (the “mortgagee”) who mutually agree to extend the time for payment of a mortgage. This mortgage extension sets out the specific terms of this arrangement including the names of the parties, pertinent information regarding the mortgage, new maturity date for the mortgage and any revised payment terms. It also sets out that all other terms regarding the mortgage remain in full force and effect. It is important that this type of business transaction be in writing and not through oral agreement. A written Mortgage Extension Agreement will be useful in the event of disagreements or disputes regarding the mortgage extension.

This Mortgage Extension Agreement includes the following provisions:
  • Parties: Sets out the names and addresses of the mortgage borrower and mortgage lender;
  • Mortgage Information: The date of the mortgage and all recording information, a brief description of the property including the address, the original amount of the mortgage and the principal amount due and owing;
  • Extension/Maturity Date: Sets out that the parties agree to extend the time for payment of the mortgage and the new maturity date of the mortgage;
  • Payment Terms: Sets out any revised payment terms including interest rate, due date and revised payment amount;
  • Signatures: Both mortgage borrower and mortgage lender must sign this agreement in the presence of witnesses.

Protect your property and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Mortgage Extension Agreement
State Law Compliance: This form complies with the laws of all states
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28991
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Mortgage Extension Agreement

 

 
 
THIS AGREEMENT made as of Date of Agreement among Name of Mortgage Borrower (Mortgagor), of Address of Mortgage Borrower (Mortgagor) (the "Mortgagor") and Name of Mortgage Lender, of Address of Mortgage Lender (the "Mortgagee").
 
 
WHEREAS:
 
(A)   By mortgage dated Date of Mortgage (the "Mortgage"), and registered on Date of Registration/Recordal of Mortgage as Number Registration Number of Mortgage, the Mortgagor mortgaged the property described as Brief Description of Property (ie. 123 Whiteacre Road, Anyplace, Anywhere) (the "Property"), to secure payment of the principal sum of Original Principal Amount of Mortgage (ie. $85,000.00) and interest as therein set out;
 
(B)   The principal sum of Principal Amount Outstanding on Mortgage as of Date of Assignment (ie. $76,555.21) remains outstanding on the Mortgage as of the date hereof;
 
(C)   The Mortgagor and the Mortgagee have agreed to extend the time for payment of the Mortgage;
 
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and of the premises, the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed that:
 
1.   The parties hereto acknowledge and agree that the recitals herein are true and correct in all material respects.
 
2.   The parties hereto agree that the time for repayment of the principal sum under the Mortgage shall be extended to New Maturity Date of Mortgage (ie. July 31, 2008).
 
3.   Insert Revised Payment Terms if applicable (ie. Interest Rate, Payment Dates, Payment Amounts)
 
4.   The parties acknowledge and confirm that the Mortgage remains in full force and effect, unamended except in accordance with the terms and conditions of this Agreement, and that time remains of the essence under the Mortgage.
 
5.   This Agreement shall be binding upon and enure to the benefit of the respective heirs, executors, administrators, successors and assigns of the parties hereto, and wherever the singular and masculine genders are used in this Agreement the same shall be construed as meaning the plural and feminine or neuter genders where the fact or context so requires, and if there be more than one Purchaser all covenants shall be deemed to be joint and several.
 
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
 
Witness
 
Name of Mortgage Borrower (Mortgagor)
 
 
 
 
Witness
 
Name of Mortgage Lender (Mortgagee)
 

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