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Existing First Trust Deed Loan for the United States

Existing First Trust Deed Loan Template for United States

A legal document used in the United States that evidences and governs an existing first-position trust deed loan secured by real property. It outlines the terms, conditions, and obligations between the lender and borrower, including payment schedules, interest rates, and default provisions. This document follows federal lending regulations and state-specific trust deed laws, providing the primary security interest in the property.

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Existing First Trust Deed Loan

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What is a Existing First Trust Deed Loan?

An Existing First Trust Deed Loan document is essential when managing, modifying, or referencing an existing first-position loan secured by real property in the United States. This document type is commonly used in refinancing situations, loan modifications, or when documenting the current status of the primary lien on a property. It must comply with federal regulations such as TILA and RESPA, as well as state-specific trust deed laws. The document typically includes detailed loan terms, property descriptions, borrower obligations, and foreclosure provisions.

What sections should be included in a Existing First Trust Deed Loan?

1. Parties: Identification of lender and borrower, including legal names and addresses

2. Background: Details of existing loan, property, and purpose of the agreement

3. Definitions: Key terms used throughout the document including loan amount, property, security interest, and applicable laws

4. Loan Terms: Principal amount, interest rate, payment schedule, and maturity date

5. Security Interest: Description of property securing the loan and lien position

6. Borrower Covenants: Obligations of the borrower including maintenance, insurance, and tax requirements

7. Default Provisions: Events of default and lender remedies

8. General Provisions: Standard clauses including governing law, notices, and amendments

What sections are optional to include in a Existing First Trust Deed Loan?

1. Prepayment Provisions: Terms and conditions for early payment of loan, including any penalties or restrictions

2. Due on Sale Clause: Provisions requiring loan repayment upon transfer or sale of property

3. Modification Terms: Specific changes to original loan terms, if this is a modification agreement

4. Insurance and Escrow Requirements: Detailed requirements for property insurance and escrow accounts

What schedules should be included in a Existing First Trust Deed Loan?

1. Schedule A - Property Description: Legal description of the secured property

2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts

3. Schedule C - Original Loan Documents: Copies of original trust deed and promissory note

4. Schedule D - Title Report: Current title report confirming lien position and encumbrances

5. Schedule E - Required Disclosures: Federal and state-mandated lending disclosures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Ƶ

Document Type

Trust Deed

Cost

Free to use
Clauses






























Industries

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about loan terms and costs, protecting consumers in credit transactions including mortgage loans

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting certain practices in real estate transactions

Home Ownership and Equity Protection Act (HOEPA): Federal law providing additional disclosure requirements and restrictions for high-cost mortgage loans to protect consumers from predatory lending practices

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance

Fair Housing Act: Federal law prohibiting discrimination in residential real estate transactions, including mortgage lending, based on protected characteristics

Dodd-Frank Wall Street Reform: Comprehensive federal law implementing financial regulatory reform, including new mortgage lending standards and consumer protections

State Usury Laws: State-specific regulations that set maximum interest rates and regulate other loan charges that lenders can legally charge

State Recording Requirements: State-specific rules governing how trust deeds must be recorded in public records and what documentation is required

State Foreclosure Laws: State-specific regulations governing the foreclosure process, including notice requirements and borrower rights

CFPB Regulations: Federal regulations issued by the Consumer Financial Protection Bureau governing consumer financial products, including mortgage loans

Federal Reserve Board Regulations: Federal banking regulations that affect mortgage lending practices and standards

Uniform Commercial Code (UCC): Standardized state laws governing commercial transactions, including provisions affecting secured transactions and real estate

MERS Requirements: Rules and procedures for using the Mortgage Electronic Registration Systems, if the loan will be registered in MERS

Teams

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