[WSBARP] Extension of Note and Deed of Trust

[John McCrady]

Agreed; I always prepare a Modification of Note and Deed of Trust.  When the only purpose of the Modification is an extension of the due date, I don't record the Modification, though I do get it notarized of course.
If there is an extension of credit involved (for instance adding the cost of the extension into the debt secured by the Deed of Trust) then I will almost always record the Modification and get an ALTA 11.2 endorsement to the Title Policy.  Only when I am very secure in the borrower and the security will I not record and get the endorsement.

John McCrady
Counsel
Puget Sound Title Company
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Craig Sjostrom
Sent: Wednesday, December 23, 2020 8:29 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Extension of Note and Deed of Trust

If the DOT secures the note and extensions (they usually do), then just do an extension agreement on the note and leave the DOT alone. Not only do you save the recording, but you keep the priority of the original DOT.

Craig

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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of nestor at pplsweb.com<mailto:nestor at pplsweb.com>
Sent: Wednesday, December 23, 2020 8:17 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] Extension of Note and Deed of Trust

Client has a note and DT that expires and is allowing an extension. The note and deed of trust on its face says due date of 1/1/21. Is it best to do a new renewal note and a new Renewal Deed of Trust and record the same?
Client wants to save the $$ and not record a renewal DT.


Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington
Florida Civil-Law (International) Notary

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