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A deed of trust is a legal agreement that serves as a security instrument for a loan, where the borrower pledges real estate as collateral for the money borrowed from the lender under a promissory note. In simple terms, it signifies that if a borrower fails to repay the loan, the lender has the right to foreclose and reclaim the property. The phrase "if you don’t pay, you don’t stay" highlights that homeowners must keep up with their payments to retain ownership. It's important to distinguish between a deed of trust and a deed; they are not the same. A deed grants legal title to the property, while a deed of trust serves as a security for the loan.
