My question involves a mortgage in the state of: North Carolina

My question involves a mortgage in the state of: North Carolina.

Hi please help with this issue.

I sold a house in NC and did self finance. Went to a lawyer we wrote a promissory note, Dee of trust, etc. all papers were in order the sale was executed and the whole transaction recorded much in the same way as if the person who bought the house had elected to get a mortgage form a bank.

But, this August problems started and this person has failed to make the payments. Under the conditions of the promissory note I have the legal right to foreclose on this loan right now. However, iI know how the economy is and people are going through rough times, so I extended an option to this person where she could restart regular mortgage payments in January 2012 and pay me the mortgages that were due for the months from August through December in monthly installments over 12 months INTEREST free starting in January 1, 2012.

My question is. Should I enter into a NEW promissory note, or should I create an amendment or addendum to the existing promissory note. The spirit here is that yes I am helping you not to lose your house, I am not charging you any interest, but I want to make sure I get paid, and if you fail to pay me what you owe plus the regular mortgage payments than I can foreclose, or raise the interest rate, apply penalties, etc.

Can this be accomplished? if so with what king of document? Should this "new" promissory note reference the existing one plus the existing deed of trust? What will be some of the clauses that need to be written in this case?

I appreciate your help with this.

Thank you,

Luis