Need to extend mortgage, who is responsible to file?

[Barry Ratliff]

I am lender for owner finance buyer and her term is about to expire. Need to do an extension, modification, and who gets the document, me or the borrower?

[Dion DePaoli]

The loan is about to 'mature' and it would appear you as the Mortgagee would be interested in extending said maturity date.

You can modify the Maturity Date, found in the Promissory Note, by way of a Modification Agreement. The Modification Agreement should be recorded once agreed to and fully executed. The borrower and Mortgagee should both retain copies for their own interests.

You can look up "Form 3179w" as an example of a modification agreement suitable for use with Fannie/Freddie. In most cases that should also be sufficient for you unless there are exotic terms in your note.

Modification of the current Maturity Date to a later one, will be the fastest and easiest resolution in the majority of cases.