We have made some updates to our Missouri HELOC Deed of Trust (Cx1355). They are as follows:
-The default section provides that the trustee may invoke the power of sale. To ensure that the power of sale has been conveyed to the trust we have added “with the power of sale” to the grant of mortgage in the Premises section of the Deed of Trust.
-According to Mo. Rev. Stat. §432.045 an oral modification notice provides protection for the lender against claims of oral modifications. The statute provides language to be used in an agreement. We have added this provision to Cx1355.
-The FNMA 1st lien model form contains a provision about a lease of property to the borrower. This provision provides that the property will be leased to the borrower until the Deed of Trust is satisfied or until there is a default under the terms of the Deed of Trust. We have added a similar provision to Cx1355.
These changes are available for testing on Stage & Stage 2 servers and will take effect on February 23, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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