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The holder of my mortgage (a friend) has voluntarily

Customer Question
The holder of my...

The holder of my mortgage (a friend) has voluntarily suggested that he might lower our interest rate from 4% to 3% or 3 1/2 % Interest. What would we need to do? Jim Petersen ***@******.***

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

We are in North Carolina and they are in Virginia.

Lawyer's Assistant: What steps have you taken so far?

None. They just mentioned it a few minutes ago.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No. We want to keep this as simple.

Submitted: 4 months ago.Category: Legal
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Answered in 5 minutes by:
3/20/2018
Lawyer: socrateaser, Lawyer replied 4 months ago
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 40,064
Experience: Retired
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Hello,
You would have to sign a new promissory note stating the terms of the modified loan, and your friend would have to mark the existing promissory note, "paid in full."

Also, a new mortgage (or more typically, a deed of trust) would have to be recorded with the county to secure the new note to your property -- and the existing deed of trust would have to be "reconveyed" (cancelled).

Although you may want to make this transaction easy and straightforward, you will almost certain need the assistance of a closing attorney to handle the paperwork -- as any error could function to either invalidate the loan and mortgage entirely, or retain the lender's rights in the previous loan or mortgage.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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