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Home Q&A Forum Can a Deed of Trust be modified without the consent of all parties involved?

Real Estate

Deed of Trust

Illinois

Asked on Sep 12, 2024

Can a Deed of Trust be modified without the consent of all parties involved?

I recently purchased a property with the help of a mortgage loan, and a Deed of Trust was executed to secure the loan. However, I have come across some financial difficulties and am considering refinancing the mortgage to lower my monthly payments. I have been informed that the terms of the Deed of Trust may need to be modified in order for the refinancing to take place, but I am unsure whether all parties involved, including the lender and the trustee, need to provide their consent for such modifications to be made. Can a Deed of Trust be modified without the consent of all parties involved, or do I need to obtain their approval before proceeding with refinancing?

1 Attorney answer

Answer

Real Estate

Illinois

Answered 31 days ago

David U.

ContractsCounsel verified

Business Lawyer
Licensed in Arizona, Colorado
Free Consultation

You must have their consent. In the general/miscellaneous provisions toward the bottom of the DOT, you should see a standard provision, stating that no amendment to the deed of trust will be valid unless evidenced by a fully executed written agreement.

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