If a borrower is behind on payments, a lender can amend the terms of their Promissory Note with an ProductLink code="CAMEND" text="Amending Agreement". However, it’s important to note that both parties must give informed consent before any contract changes can go into effect. Generally, parties show their consent by signing the amendment document. Amendments are beneficial because they can address needs that might only become apparent after a lender issues a Promissory Note. Plus, if the parties can agree on contract changes, they can avoid a dispute and costly litigation fees by amending their agreement themselves. Be sure to attach any contract amendments to the original Promissory Note. This will reinforce the validity of the newly agreed-upon terms and keep all the parties in mutual understanding.