[WSBARP] Extension of Prom Note and Deed of Trust

[Craig Sjostrom]

The deed of trust should say that it secures the existing note plus any
extensions or modifications, so all you should need to do is draft an
extension agreement for the note and mention the existing deed of trust. You
shouldn't have to re-record the DOT or draft a new one.

 

Craig

 

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> Law Office of Craig Sjostrom, 1204 Cleveland Ave., Mount Vernon, WA  98273
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<mailto:cdsjostrom at comcast.net> cdsjostrom at comcast.net

 

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Timothy Lehr
Sent: Tuesday, December 14, 2021 9:32 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Extension of Prom Note and Deed of Trust

 

All,

 

I have a client that would like to extend a promissory note he is the holder
of, rather than collect the balloon payment (which is due next spring). It
was a seller financed deal on real estate and the note is also secured by a
deed of trust on the property. Assuming both parties agree to this
extension, is there anything that needs to be filed to "extend" the deed of
trust, does a new deed of trust need to be recorded, or does the original
deed of trust continue to secure the extension of the note? This is my first
time dealing with this, seemingly, straight-forward process. 

 

Thank you,

 

Timothy C. Lehr

Attorney at Law

 



 

p:   360.855.0131

e:   timothy at stileslaw.com <mailto:timothy at stileslaw.com> 

w:  www.stileslaw.com <http://www.stileslaw.com/> 

 

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