Mortgage Modification/Amendment/Extension

Extension Agreement, Mortgage Modification, Mortgage Amendment

The document must have:

  • First party (mortgagor, borrower) (KRS 382.200)
  • Second party (mortgagee, lender) and their mailing address (KRS 382.335 & KRS 382.430, 382.200)
  • State the book and page of the original mortgage. (KRS 382.290 & KRS 385.385(4))
  • Description of the modification (example: decrease in the mortgage amount or changing the maturity date) KRS 382.385(4) & KRS 413.100 - THESE ARE THE ONLY TWO ITEMS THAT CAN OCCUR IN A MORTGAGE AMENDMENT, MODIFICATION OR EXTENSION.
  • Preparation Statement (KRS 382.335)
  • The clerk shall request a return mail address (KRS 382.240)

The borrower (mortgagor) must sign the document. (OAG 94-32) The signatures must be notarized (acknowledged) (KRS 382.130). The document must be filed in the county clerk's office of the county where the property is located (or the greater part). KRS 382.110.

Revolving credit accounts do not require a maturity date. (KRS 382.330)

Excerpts from OAG 94.32
Assuming that a given extension of a mortgage meets general requirements for recordation of a mortgage (see, for example, KRS 382.270 and 382.330), an extension of a mortgage may be recorded on the same basis as a mortgage.

There is no statutory reference to a "Mortgage Modification". The statutes refer to a Mortgage Amendment (KRS 382.385(4)) and it only allows one type change - that is to reduce or decrease the maximum amount of credit specified in the mortgage. Additionally a mortgage maturity date can be extended (KRS 413.100 and OAG 94.32).

For corrections to an ORGINAL mortgage - please refer to Affidavit of Mortgage Amendment KRS 382.297 new section as of July 12, 2006