Mortgage Extension Agreement
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
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 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:
- General Instructions
- Mortgage Extension Agreement
Mortgage Extension Agreement
Product Details
| Product | Mortgage Extension Agreement |
| Country | United States |
| Pages | 4 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Mortgage Agreements, Assignments & Notices |
| Product number | #28991 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Mortgage Extension Agreement is a legal document that allows a borrower and lender to extend the payment timeline of an existing mortgage. It outlines the new terms, including the maturity date and any changes to payment amounts or interest rates.
Having a written agreement is crucial to avoid misunderstandings or disputes regarding the terms of the mortgage extension. A written document serves as a legal record that can be referenced in case of disagreements.
The agreement includes the names and addresses of both parties, mortgage information such as the original amount and property description, the new maturity date, and any revised payment terms.
Yes, both the mortgage borrower and lender must sign the agreement, typically in the presence of witnesses, to ensure its validity and enforceability.
Yes, this Mortgage Extension Agreement complies with the laws of all states, making it a versatile option for borrowers and lenders across the country.
Is This Form Right For You?
Use This Form If:
- Individuals who are facing financial difficulties may find it necessary to extend their mortgage payments. This agreement allows them to negotiate new terms with their lender, providing them with additional time to meet their financial obligations without risking foreclosure.
- For those who have recently experienced a change in income or unexpected expenses, a mortgage extension agreement can provide relief. By formally extending the payment timeline, borrowers can avoid defaulting on their mortgage while they stabilize their financial situation.
- Situations requiring a temporary pause in mortgage payments due to job loss or medical emergencies can benefit from this agreement. It allows borrowers to communicate with their lenders and establish a new payment schedule that accommodates their current circumstances.
- Homeowners planning to sell their property but needing more time to finalize the sale can utilize this agreement. By extending their mortgage, they can maintain their financial commitments while waiting for the right buyer.
- Real estate investors looking to refinance or restructure their mortgage can use this form to negotiate better terms. This agreement can help them manage cash flow and improve their investment strategy.
Do Not Use If:
- – This agreement is not appropriate for borrowers who are unable to meet any revised payment terms. If a borrower is facing severe financial distress, seeking a different solution such as bankruptcy may be more suitable.
- – If the mortgage lender is unwilling to negotiate or extend the terms, then this agreement cannot be utilized. In such cases, it may be necessary to explore other options or seek legal advice.
- – Situations where the mortgage is already in foreclosure may not benefit from this agreement. Once foreclosure proceedings have begun, different legal processes must be followed.
- – For borrowers who are looking to completely refinance their mortgage, a mortgage extension agreement may not be the best choice. Refinancing involves new loan terms and a different legal process.
- – If the property is being sold and the sale is imminent, extending the mortgage may not be necessary. In such cases, the focus should be on completing the sale rather than extending payment timelines.
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