Real Estate
Deed of Trust
Illinois
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
David U.
ContractsCounsel verified
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.