A deed of trust is a legal contract between a lender and a borrower to transfer some interest of the borrower's land to a trustee (see References 1). It is similar to a mortgage; however, three parties are involved: the borrower, the lender and the trustee (see References 1). Like most other legal contracts, it can be modified through an amendment.
Propose that you wish to amend your deed of trust to each party involved in the transaction. Since deeds of trust involve three parties, and since any amendment to a contract requires mutual asssent of each party, you must propose that you want to amend the deed of trust to each party.
Discuss the amendments with the other two parties involved. Record (via audio or video) the meeting, and write down the agreed upon changes. Send copies of the recordings to each party.
Draft an amendment to the deed of trust. If you receive permission from the other parties to amend the deed of trust, draft the official document that will amend the deed of trust. Include the names of each party, the land at issue in the deed of trust, and a section clearly detailing the changes (amendments) to the deed of trust. A sample form has been provided in References 2.
Include a statement in your amendment to the deed of trust that the amendment revokes any prior agreement.
Meet with the other two parties involved and sign the agreement amending the deed of trust. Record the amendment to the deed of trust with your local land office to put all other parties on notice of the changes made to the original agreement.
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